US inflation rises to 3.7% as energy prices surge - will the Fed hike rates?

US consumer price index rose in August but markets do not expect a rate hike this month

US inflation One hundred dollar bill on the background of stock charts. Economic crisis
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US inflation rose to 3.7% in August, driven by a sharp increase in energy prices and higher costs for rent.

The US inflation rate was 3.7% over the 12 months to August, the Labor Department said - up from 3.2% in July.

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Pedro Gonçalves
Contributor

Pedro Gonçalves is a finance reporter with experience covering investment, banks, fintech and wealth management. He has previously worked for Yahoo Finance UK, Investment Week, and national news publications in Portugal.