The dollar index rose toward 99.2 on Monday, gaining for a fourth consecutive session as investors prepared for the upcoming Federal Reserve policy meeting while assessing the impact of surging oil prices. Markets are currently pricing in an 86% probability that the Fed will raise its policy rate by 25 basis points on Wednesday, with another hike expected later this year. Data released Friday showed US consumer inflation held steady at 3.4% in August, matching July’s reading and market expectations, while underlying inflation came in above forecasts as core CPI rose 0.3% month-on-month. US producer prices also accelerated in August, while labor-market data pointed to continued resilience in employment. Higher oil prices added further inflationary pressure after Saudi Arabia shut down the critical East-West pipeline, which provides an alternative route around the Strait of Hormuz.