US consumer prices stayed high in August as Iran war pushed energy costs up

Annualized inflation rate was 3.4%, same as July, and core inflation, which omits energy and food prices, was up to 2.4%

US consumer prices remained stubbornly high in August as the end of the ceasefire between the US and Iran pushed energy prices up, according to data from the US Bureau of Labor Statistics released on Friday.

The annualized inflation rate was 3.4%, the same as it was in July. The most recent peak was seen in May, when the inflation rate hit a three-year high at 4.2%. Core inflation, which strips out volatile energy and food prices, increased to 2.4% in August.