Inflation Rose Faster Than Expected in September , As Rent and Food Prices Surge.
According to data released by the U.S. Labor Department on Oct. 13, the consumer price index (CPI), a key measure of inflation, rose 0.4% in September.
The increase marks the second consecutive month of strong inflation.
Over the course of a year, the CPI has risen 8.2%.
Economists had only expected the CPI to rise .3% in September and 8.1% for the year.
The 4.9% decline in gas prices last month wasn't enough to keep money in consumers' pockets as other expenses continued to climb.
The 4.9% decline in gas prices last month wasn't enough to keep money in consumers' pockets as other expenses continued to climb.
'The Hill' reports that the Bureau of Labor Statistics attributed last month's increase to surging shelter, food and medical care costs.
'The Hill' reports that the Bureau of Labor Statistics attributed last month's increase to surging shelter, food and medical care costs.
'The Hill' reports that the Bureau of Labor Statistics attributed last month's increase to surging shelter, food and medical care costs.
Without accounting for food and energy costs, consumer prices increased .6%.
As gas prices start to climb again due to the OPEC+ announcement that oil production will be cut, inflation remains near a 40-year high.
The Fed will likely continue to hike interest rates as it attempts to avoid a recession.