Business News | US Inflation Showed No Sign of Cooling in September
Get latest articles and stories on Business at LatestLY. The US annual inflation rate slowed for the third consecutive month to 8.2 per cent in September 2022, which is the lowest in seven months, as compared to 8.3% in August but above market forecasts of 8.1 per cent, according to the Bureau of Labor Statistics.
New Delhi [India], October 13 (ANI): The US annual inflation rate slowed for the third consecutive month to 8.2 per cent in September 2022, which is the lowest in seven months, as compared to 8.3% in August but above market forecasts of 8.1 per cent, according to the Bureau of Labor Statistics.
The energy index increased 19.8 per cent, below 23.8 per cent in August, due to diesel (18.2 per cent vs 25.6 per cent), fuel oil (58.1 per cent vs 68.8 per cent) and electricity (15.5% vs 15.8% which was the highest since 1981). A small slowdown was also seen in the cost of food (11.2 per cent vs 11.4 per cent which was the highest since 1979) and used cars and trucks (7.2 per cent vs 7.8 per cent).
On the other hand, the Bureau of Labor Statistics reported prices for shelter increased faster (6.6 per cent vs 6.2 per cent).
Meanwhile, the core rate which excludes volatile food and energy, rose to 6.6 per cent, the highest since August of 1982, and above market expectations of 6.5 per cent in a sign inflationary pressures remain elevated.
The Dow Jones Industrial Average fell 233 points, or 0.82 per cent. The S&P 500 slipped 1.27 per cent and the Nasdaq Composite slumped 1.94 per cent on Thursday.
The reversal in early gains came after the September consumer inflation report was higher than economists expected. (ANI)
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