US September CPI Accelerates as Gasoline Prices Jump 9.1%
U.S. CPI rose 0.6% in September and 3.7% year over year, up from 3.4% in August. Gasoline prices jumped 9.1% for the month and accounted for more than half of the monthly increase; White House economic adviser Kevin Hassett called the energy-price surge temporary.
S. inflation was largely driven by a “temporary” rise in energy prices. He cited stable food costs and lower prescription-drug prices as positive signs beneath the higher headline figure. 4% in August.
1% during the month, accounting for more than half of the monthly CPI increase. 4% over the year, according to the Bureau of Labor Statistics. The hotter inflation reading also revived expectations that the Federal Reserve could continue raising rates. 2%.
Hassett added, “My expectation is that the strength of all the things that we’ve been doing in terms of He said that momentum would carry through to efforts to lower food and drug prices. ” Energy remained the report’s dominant factor. -Israeli war with Iran disrupted energy markets. 9% from a year earlier.
The conflict had already driven gasoline above $4 and diesel above $6 in September, prompting warnings that the energy shock could keep inflation elevated. Underlying inflation also picked up. 4% in August. Consumers also lost purchasing power.
7% from a year earlier as inflation outpaced wage gains. 22 on Wednesday. 97. The White House has said the energy shock driven by Iran will be temporary.
Trump has repeatedly described higher fuel prices as a short-term cost of preventing Iran from developing nuclear weapons, previously calling the increase “peanuts” by comparison. Economists remain cautious. S. ”