
AI-generated summary
The Bureau of Labor Statistics tracks inflation rates. The Federal Reserve adjusts interest rates to manage economic growth and price stability.
Prices in the US rose by 3.4% in the year to August, with the cost of living pushed up by higher gasoline prices, official figures show.
The overall inflation rate was unchanged from July, according to the Bureau of Labor Statistics (BLS).
It comes ahead of the Federal Reserve making its latest interest rate decision next week, with growing expectations they will be increased in a bid to slow the rate at which prices are rising.
US household budgets have come under mounting pressure, especially at the fuel pumps, with a gallon of diesel hitting a new all-time high of more than $6 on average on Friday.
AI outlook — possibilities, not facts
Federal Reserve interest rate decision
Very likely · Within weeks

The UK economy unexpectedly grew by 0.4% in July, driven by strong expansion in AI and IT sectors that offset challenges from the Iran conflict and higher energy costs, according to ONS data.

The UK economy expanded by 0.4% in July, exceeding economists' predictions of no growth, according to the Office for National Statistics. Growth was driven by expansion in services, production, and construction sectors, following 0.3% growth in June and zero growth in May.

Molly and Taylor Haylett, a financial adviser and train driver from Essex, discuss how Taylor contributed to Molly's pension during her maternity leave to offset the long-term financial impact of reduced earnings, a strategy supported by financial experts who note that over a third of parents reduce pension contributions during leave and many are unaware partners can contribute on their behalf.

Surging oil prices linked to the US-Iran war are fueling inflation fears, prompting the European Central Bank to raise rates to 2.5% while the US Federal Reserve and Bank of England prepare for interest rate decisions next week, with economists divided on whether rates will rise or hold steady amid mixed economic signals.

Energy prices are surging as conflict between the US and Iran closes the Strait of Hormuz, blocking global oil and gas supplies. The price hike has triggered inflation fears, pushing UK bond yields to their highest levels in decades and threatening household bills.

Catie and Phil Allen, among thousands affected by the UK air traffic control system failure on Tuesday, face £1,300 in losses for non-refundable accommodation and excursions after their flight to Slovenia was cancelled.