US CPI rises 3.4% in August as gasoline prices jump

US consumer prices increased 0.4% in August after rising 0.1% in July, with annual inflation holding at 3.4%, the Bureau of Labor Statistics reported Friday. The monthly increase was driven in part by a sharp rise in gasoline prices. The gasoline index rose 3.9% and accounted for more than one-third of the overall monthly CPI increase. Energy prices increased 2.1%, while shelter rose 0.3% and food increased 0.1%. Food away from home climbed 0.3%. Core CPI increased 0.3% in August, following a 0.2% rise in July. Higher prices for communication, lodging away from home, airline fares, education and used cars and trucks contributed to the increase, while medical care and motor vehicle insurance declined. Core inflation rose 2.4% over the 12 months through August, compared with a 2.5% increase through July. Energy prices were up 16.3% over the year, including a 27.4% increase in gasoline, while food prices increased 2.7%. Grocery prices were unchanged in August, although eggs rose 2.9% and dairy products increased 0.3%. Fruits and vegetables fell 0.4%, while the index for food away from home rose 3.4% over the year. Bitcoin dropped to about $76,000 following the CPI release before quick...