Inflation ticked up to 3.7% in August, driven by gas prices

Inflation increased to a 3.7% rate for the year ending in August, the second such increase after a full year of declines, driven in large part by rising gas prices.

The uptick, reported on Wednesday by the Bureau of Labor Statistics in an update to the consumer price index, is some bad news for President Joe Biden, who has been trying to reassure voters that he is curbing price pressures, and for the Federal Reserve, which has desperately maneuvered to bring down inflation over the past year.

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