Rising Gasoline Prices Fuel Fresh Inflation Fears in the U.S.
A surge in energy costs is expected to drive overall U.S. consumer inflation higher, with September numbers seen at 0.6% on a monthly basis by economists polled by Reuters. The official CPI data for September is due out later today. Gasoline prices in the United States went up by 7.1% last month, with the latest daily average national price at $4.3413 per gallon, according to AAA. This is close…
Gasoline prices in the United States surged by 7.1% last month, reaching an average national price of $4.3413 per gallon, according to AAA. This increase is expected to contribute to higher overall U.S. consumer inflation, with September numbers predicted at 0.6% on a monthly basis by economists surveyed by Reuters. The official CPI data for September is due later today.
Diesel prices, despite remaining high, are slightly below their all-time high of over $6.50 per gallon. A recent Reuters poll found that more than two-thirds of Americans, or 78%, blame Trump policies for the rising cost of living, citing the war in Iran and tariffs on imports. Sung Won Sohn, a finance and economics professor at Loyola Marymount University, explained that "people care about food and energy.
That's what they feel every day." Many voters are struggling in what Sohn calls the "K-shaped economy," where one part grows while another shrinks, and these higher energy and food prices may impact the election results. The 12-month inflation rate for September is 3.6%, significantly above the Federal Reserve's 2% target. However, core inflation, which excludes energy and food prices, is only 2.4%, a more moderate figure.
Written by urgent.news from OilPrice's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
