US CPI Rises 3.4% YoY in August, Fuel Costs Hit Households Ahead of Midterms

US consumer price index rose 3.4% year-on-year in August, driven by a surge in fuel costs, eroding household purchasing power. The data, released two months before midterm elections, adds political pressure on the administration. Market implications hinge on whether this prompts the Fed to maintain or adjust its rate path.