Inflation sizzled in September -- and Social Security benefits will get a boost

U.S. consumer inflation rose to 3.7% in September compared to a year ago, according to Department of Labor data. This marks an acceleration from the 3.4% annual rate recorded in August. ABC News (US) reports that inflation reached a four-month high during this period, driven by rising gasoline prices resulting from the war with Iran. Gasoline costs surged 9.1% on a monthly basis and accounted for more than half of the overall price increase, according to both Live Mint and ABC News (US).

While shelter prices rose in September, ABC News (US) reports that food prices remained flat compared to August, bringing annual food inflation to 2.5%. Excluding volatile food and energy sectors, core CPI rose 2.6% from a year ago, according to Live Mint. NPR reports that the Social Security Administration will increase benefits next year to help consumers keep pace with the rising cost of living.

The uptick in prices comes as affordability remains a concern for voters ahead of the midterm elections in early November. Live Mint notes that the inflation reading was higher than the 3.6% forecast by economists.

Brief written by urgent.news from NPR, Live Mint, WSJ Economy, ABC News (US), The Hill — 5 reports on this story. Machine-written — may contain errors; check the original before relying on it.