"U.S. inflation remained elevated last month as gas prices jumped while the cost of rents and some services cooled, painting a mixed picture of the expenses consumers are facing in a murky economy where growth appears steady but hiring slow. Consumer prices increased three per cent in September from a year earlier, the Labour Department said Friday, up from 2.9 per cent in August."
"The figures reflect a smaller increase than many economists forecast and will come as a bit of relief to Federal Reserve officials, who have signalled they will cut their key interest rate at their meeting next week and may do so again in December. Still, inflation remains above the Fed's two per cent target, underscoring the high stakes of the Fed's moves. Gas prices jumped 4.1 per cent just in September from the previous month, a major driver of inflation last month."
Consumer prices rose 3% year‑over‑year in September, up from 2.9% in August. Excluding food and energy, core prices increased 3%, down from 3.1% the prior month. On a monthly basis, headline inflation rose 0.3% while core inflation cooled to 0.2%. The consumer price index release was delayed over a week by a government shutdown and the administration recalled some Labour Department employees to produce figures used for Social Security cost‑of‑living adjustments. The data were smaller than many forecasts and may ease pressure on the Federal Reserve, though inflation remains above the Fed's 2% target. Gas prices rose 4.1% in September; grocery prices rose 0.3% month‑over‑month and 2.7% year‑over‑year. Affordability concerns around rent and groceries are influencing political races.
Read at www.cbc.ca
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