New Delhi, Sept. 11 -- A US Federal Reserve rate hike next week now looks almost certain after August inflation data showed prices for a broad range of goods and services remained elevated, with higher tariffs and the ongoing conflict in the Middle East adding to price pressures.

The consumer price index (CPI), excluding food and energy, climbed 0.3% in August from a month earlier, compared with the 0.2% increase expected in a Bloomberg survey. On an annual basis, it advanced 2.4%.

The CPI data came after the US Producer Price Index (PPI) for August also came in hotter than expected, indicating that the prices businesses pay for goods and services before they reach consumers are continuing to rise.

Those concerns were further amplified...