Inflation Climbs to 3.7% as Gasoline Jumps 9.1% in One Month
September's consumer price report showed prices rising faster than in August, with energy up more than 20% over the year and grocery prices slightly lower.
By Watchman Report staff ·
The Consumer Price Index rose 0.6% in September and 3.7% over the past 12 months, up from 3.4% in August, the Bureau of Labor Statistics reported Wednesday. Gasoline rose 9.1% in the month and accounted for more than half of the overall increase. The energy index is up 20.4% over the year.
Core prices, which exclude food and energy, rose 0.3% for the month and 2.6% over the year, up from 2.4%. Shelter rose 0.4%. Food prices were unchanged for the month, and grocery prices fell 0.1%, according to the BLS. CNBC reports that gas is up about 34% over the year and airline fares about 22%, largely because of fuel costs tied to the war with Iran.
Reuters reports the figures could put another Federal Reserve rate increase back in view at the Oct. 27-28 meeting, after the Fed raised rates in September for the first time in three years. The report also sets next year's Social Security cost-of-living adjustment.
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