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Inflation continued to tick up in August due in part to higher gas prices. The Consumer Price Index was up 0.6% over the last month and climbed 3.7% year-over-year, according to data released by the Bureau of Labor Statistics.
Gas prices accounted for more than half of the increase as the cost of oil surged. West Texas Intermediate was trading just below $89 per barrel, while Brent crude futures topped $92 a barrel. The high cost of oil caused gas prices to increase by 10.6%.
The "core" CPI, which doesn't track the more volatile prices of food and gas, was up 4.3% over the last year.
"This was bad news for Americans who feel inflation most acutely when filling their tanks and writing their rent checks," Robert Frick, corporate economist with Navy Federal Credit Union, told Fox Business. "Some rent relief is in sight, but it won't occur until next year, and it will be a small comfort given how high shelter costs have risen. And given core inflation rose, it's clear inflation around current levels may be with us for months."