Mitt Romney raised $111.6 million for his presidential campaign in August, the third consecutive month the Republican candidate has posted a nine-figure haul.

The total is Romney's largest monthly number to date, and further proof that the Republican challenger is likely to maintain pace in the fundraising race. But it fell just short of a $114 million haul by President Obama's campaign, announced just after the Romney figures went public.

The campaign said that including the August figures, the joint fundraising account it shares with the Republican National Committee (RNC) and state GOP parties now has approximately $168.5 million cash on hand.

“Americans are not better off than they were four years ago and they are looking for a change of leadership," said Romney fundraising chief Spencer Zwick and RNC Chairman Reince Priebus in a joint statement. 

"Mitt Romney and Paul RyanPaul Davis RyanGeorge Will: Vote against GOP in midterms Trump tweet may doom House GOP effort on immigration On The Money — Sponsored by Prudential — Trump floats tariffs on European cars | Nikki Haley slams UN report on US poverty | Will tax law help GOP? It's a mystery MORE are offering bold solutions to our country’s problems — that is why we are seeing such tremendous support from donors across the country,” the added. “We will continue the hard work of raising the resources so that Mitt Romney and Paul Ryan can win in November, put in place their Plan for a Stronger Middle Class, and finally get the country back on the right track.”

Interestingly, despite the huge haul for the Romney campaign, the Republican challenger actually enters September with less cash on hand than he had in August. Romney started the month with $186 million, suggesting he spent more than $129 million on campaign staff, infrastructure and advertisements during the month.

According to the Romney campaign, more than 94 percent of donations received in August were of $250 or less, totaling up to $34.6 million. In total, the campaign received more than 800,000 small-dollar donations, and money came in from all 50 states.

By contrast, the Obama campaign entered August with $124 million; it's not currently known how much cash Democrats have remaining in the bank as they work to keep pace with Romney.

The president faces an additional disadvantage from outside groups supporting Republicans that have significantly outpaced their Democratic counterparts. Super-PACs like American Crossroads and Restore Our Future have both substantially out raised Democratic committees in 2012.

Still, Republicans entered the month still playing catch-up to an Obama campaign that worked aggressively during the Republican primaries to set up their own ground game. According to election records, Obama and the DNC had spent some $481.5 million through July, versus $325.9 million for the Romney campaign and RNC.