Annualized inflation rate was 3.4%, same as July, and core inflation, which omits energy and food prices, rose 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 0.3% from the month before and 2.4% annually.

However, Kevin Warsh didn’t say if interest rates would change in coming months, as inflation remains stubborn

The US Federal Reserve is not done fighting high inflation, its chair, Kevin Warsh, said in his first major speech in the role on Friday, emphasizing that it was “the Fed’s job to deliver stable prices”.

Warsh did not indicate where the Fed will take interest rates in the coming months, despite US inflation remaining stubbornly above the central bank’s 2% target amid the war in Iran. But his speech was taken by markets as a signal that rates may rise in the coming months, a move that may put him at odds with Donald Trump, who has aggressively called for rates to be cut.