Inflation accelerated in August in the US for the second month in a row, mainly due to a rise in the price of gasoline, which is considered a “bad development” for President Joe Biden, who will seek a second term in the White House in the 2024 elections.

The consumer price index rose to 3.7% on an annual basis, from 3.2% in July, according to data released by the Labor Department. Analysts had expected an increase but slightly less, at 3.6%.

On a monthly basis, inflation stands at 0.6%, up from 0.2% in July, as predicted.

“The price of gasoline contributed the most to the monthly increase, accounting for more than 50% of the increase,” the ministry said in its statement. Another important factor is the cost of housing, which increased for the 40th month in a row.

It should be noted that despite the increase in the price of gasoline in August, the price of energy has decreased by 3.6% compared to August 2022.

In the New York Stock Exchange, at the opening, there was no reaction related to the increase in inflation. Wall Street opened slightly higher, with the Dow Jones industrial average up +0.26% and the tech-heavy Nasdaq also up 0.19%.