Inflation heats up again, data shows, days before midterm elections where cost of living dominates
Core inflation also rose 3.1% as energy costs and strong consumer spending kept price pressures elevated, the Commerce Department said.
- The Commerce Department reported Thursday that consumer prices rose 3.6% in September compared with a year earlier, up from 3.4% in August, as inflation remained elevated ahead of midterm elections.
- Annual inflation has worsened since the Iran war caused spikes in oil and gas prices, with U.S. oil prices topping $100 a barrel, up from less than $70 before the conflict.
- Prices climbed 0.5% on a monthly basis, the highest figure since May, while excluding volatile energy and food categories, core prices increased 3.1% from a year ago.
- Polls show the rise in inflation has soured most voters on President Donald Trump's economic handling, with affordability concerns remaining central less than a week before midterm elections.
- With inflation above the Federal Reserve's 2% target, the central bank faces pressure to raise rates at its December meeting. Separately, the economy grew at a 3.4% annual rate in the July-September quarter.
65 Articles
65 Articles
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Key inflation gauge heats up thanks to high gas prices — day after Fed hits pause on rate hikes
An inflation gauge closely monitored by the Federal Reserve accelerated last month, showing that prices remain elevated less than a week before midterm elections in which the uncomfortably high cost of living for millions of Americans has become a central issue.
The U.S. Federal Reserve's preferred inflation index shows a 3.7% year-on-year increase in September.
(New York = Yonhap News) Correspondent Kim Yeon-sook = The U.S. Department of Commerce announced on the 29th (local time) that the Personal Consumption Expenditures (PCE) price index for September rose 3.6% compared to the same month last year...
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