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US inflation rises to 3.7 per cent as gasoline gets dearer

US consumer prices rose 0.6 per cent in September, taking annual inflation to 3.7 per cent. Gasoline accounted for more than half the monthly increase, while food prices were unchanged overall. Core inflation also edged higher on the annual comparison. The release shows a sharp energy increase alongside more varied movements in everyday purchases.

Economics & Markets··Morning
A docked black fuel nozzle and a grey car at a gasoline station.

Annual inflation accelerates to 3.7 per cent

US annual consumer inflation rose to 3.7 per cent in September, with higher fuel prices contributing to the increase. The previous month’s rate was 3.4 per cent. The Bureau of Labor Statistics, the US agency measuring prices and employment, released the figures on October 14.[1], [2]

Consumer prices rose 0.6 per cent from August after seasonal adjustment, compared with 0.4 per cent in the previous month. The twelve-month rate uses unadjusted figures. Excluding food and energy, monthly inflation was 0.3 per cent, matching August, while the annual core rate rose from 2.4 per cent to 2.6 per cent.[1]

Gasoline supplies more than half the monthly rise

Gasoline prices increased 9.1 per cent during September and accounted for more than half the overall monthly increase. Energy as a whole rose 5.2 per cent after a 2.1 per cent increase in August. Over twelve months, gasoline prices increased 34.2 per cent and the energy index rose 20.4 per cent. Shelter rose 0.4 per cent over the month.[1]

Food prices hold steady with differences across purchases

Food prices were unchanged overall. Food at home fell 0.1 per cent and food away from home rose 0.2 per cent. Milk declined 2.0 per cent, while fruit and vegetables increased 0.5 per cent. Airline fares rose 1.2 per cent over the month and used cars and trucks increased 0.7 per cent.[1]

References

  1. News sourceBLSUS consumer prices rise 0.6% in September↩1↩2↩3↩4
  2. News sourceHürriyet Daily NewsUS annual inflation rises to 3.7 per cent in September↩
Central banks and the rate cycleEnergy transition and climate

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