Consumer prices rose at 3.7% annual rate in September as gas costs skyrocket
The consumer price index was expected to increase 0.6% in September on a monthly basis and 3.6% from a year ago, according to the Dow Jones consensus forecast.
September brought little relief to the accelerating cost of living, as consumer prices increased again and kept the inflation rate well above the Federal Reserve's goal.
The consumer price index , a broad measure of goods and services costs across the U.S. economy, rose a seasonally adjusted 0.6% for the month, putting the 12-month rate at 3.7%, the Bureau of Labor Statistics reported Wednesday. Economists surveyed by Dow Jones expected respective gains of 0.6% and 3.6%.
Stripping out volatile food and energy costs, so-called core CPI rose 0.3% for the month and was up 2.6% on an annual basis, compared to respective estimates for 0.2% and 2.5%.
Surging energy costs were again the primary culprit in the inflation picture. The energy index jumped 5.2% as tensions continued between the U.S. and Iran in a war launched in late February that shows no signs of ending anytime soon.
Gasoline prices soared 9.1%, accounting for about half the gain in headline CPI, according to the BLS.
Food prices were flat on the month and up 2.5% from a year ago. However, shelter prices increased 0.4% and used car and truck prices jumped 0.7%.
