US inflation is back at 3%. That's higher than normal but not out of control

"The cost of living got even more expensive for Americans last month, with prices rising at the fastest pace since the start of the year. Consumer prices rose 0.3% in September, which drove the annual rate of inflation from 2.9% to 3%, the highest it's been since January, according to Bureau of Labor Statistics data released Friday. Gas prices, which shot up 4.2% for regular unleaded fuel (their highest monthly gain since August 2023), were the biggest culprit behind the monthly increase, BLS data shows."

"Plus, food prices rose at a more moderate pace than they did in August (a month when grocery prices leapt by the highest rate in nearly three years). Economists were expecting that inflation would continue to pick up speed, rising 0.4% for the month and 3.1% from the year before, according to FactSet estimates. Excluding food and energy, which can be quite volatile, core CPI rose 0.2% in September, with an annual inflation rate settling out at 3%."

"Due to inflation, the typical American household is spending $208 more a month in September to purchase the same goods and services as they were a year ago, and $1,043 more a month than they did at the start of 2021, coming out of the pandemic, new data from Moody's Analytics showed. However, the September report is somewhat unique in its own right: It's the first major federal economic report released since the US government shut down on October 1."

Consumer prices rose 0.3% in September, raising the annual inflation rate from 2.9% to 3%, the highest since January. Gas prices increased 4.2% for regular unleaded fuel, the largest monthly gain since August 2023, and were the primary driver of the monthly increase. Food price growth moderated compared with August. Core CPI, excluding food and energy, rose 0.2% in September and registered a 3% annual rate. The typical American household spent about $208 more in September than a year earlier and $1,043 more than at the start of 2021. The report was released late to meet Social Security cost-of-living adjustment deadlines.

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