The main consumer price index (CPI), which measures the price of goods and services excluding food and energy, rose 0.2% in September. statistics Released on Wednesday.
running news: The core CPI rate aligns with the 0.2% growth that economists had predicted. This figure is up slightly from August but significantly lower than June’s 0.9% growth.
- According to the Bureau of Labor Statistics, the CPI figure, which includes energy and food, rose 0.4% in September after rising 0.3% in August.
- The CPI growth was higher than the 0.3% increase that economists were predicting.
- On a year-on-year basis, prices of all goods – including food and energy – rose 5.4% in September, compared with the 5.3% estimate and the highest increase since January 1991, CNBC reports.
Between the lines: According to the data, petrol prices increased by 1.2 per cent in the month of September, taking the total annual increase to 42.1%.
- High energy costs threaten our economic recovery – and prices could continue to rise this winter, Nerdshala’ Kate Marino reports.
- Food prices rose 0.9% in September, after a 0.4% increase in August. According to the Bureau of Labor Statistics, food at home prices increased 1.2% and “all six major grocery store food group indices rose.”
- Used car prices fell 0.7% in September, reducing 12-month growth to 24.4%.
During this, Millions of individuals on Social Security will receive a 5.9% increase in benefits for 2022, the biggest living adjustment in 39 years after rising inflation, AP reports.
What are they saying: The data comes amid growing concerns that inflation could last longer than thought.
- “A rise in prices stemming from ongoing supply chain constraints amid strong demand will keep inflation higher as the supply/demand imbalance is only gradually resolved,” said a research note from Oxford Economics.
- “While we share the Fed’s view that this is not the start of an upward wage-price spiral, we see inflation to remain consistently above 3% through mid-2222.”
go in: Consumer inflation expectations continue to rise