Business News | US Inflation Rises to 3.7% in September as Gasoline Prices Jump 9.1%
Get latest articles and stories on Business at LatestLY. US consumer inflation rose to 3.7 per cent in September from 3.4 per cent in August, driven largely by a sharp increase in gasoline prices, adding to concerns over persistent price pressures ahead of the Federal Reserve's next interest rate decision.
Washington DC [US], October 14 (ANI): US consumer inflation rose to 3.7 per cent in September from 3.4 per cent in August, driven largely by a sharp increase in gasoline prices, adding to concerns over persistent price pressures ahead of the Federal Reserve's next interest rate decision.
According to data released by the US Bureau of Labor Statistics (BLS) on Wednesday, the Consumer Price Index (CPI) increased 0.6 per cent on a monthly basis, compared with 0.4 per cent in August.
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"The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.6 percent on a seasonally adjusted basis in September after rising 0.4 percent in August," the BLS said in its September CPI release.
Gasoline prices jumped 9.1 per cent during the month, accounting for more than half of the monthly increase in consumer prices.
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"The index for gasoline rose 9.1 percent in September, accounting for over half of the monthly all items increase," the release stated.
The overall energy index rose 5.2 per cent in September, compared with 2.1 per cent in August. On an annual basis, energy prices increased 20.4 per cent, while gasoline prices surged 34.2 per cent.
Core inflation, which excludes food and energy prices, also accelerated to 2.6 per cent annually from 2.4 per cent in August, indicating that price pressures extended beyond energy.
"The all items less food and energy index rose 2.6 percent over the year, following a 2.4-percent increase over the 12 months ending August," the BLS said.
On a monthly basis, core inflation remained unchanged at 0.3 per cent.
Housing costs also increased, with the shelter index rising 0.4 per cent in September against 0.3 per cent in August. However, overall food prices remained unchanged during the month.
The latest inflation data comes ahead of the Federal Reserve's next monetary policy meeting, with rising consumer prices likely to complicate efforts to bring inflation closer to its 2 per cent target.
The increase in both headline and core inflation could strengthen expectations that US interest rates may remain elevated as policymakers assess the impact of higher energy costs on the broader economy. (ANI)
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