US inflation jumps to 3.7% in September as Iran war drives gasoline prices higher
This was a notable acceleration from the 3.4 percent reading in August.
US inflation unexpectedly surged to 3.7% in September, according to government figures released on Wednesday, as the conflict with Iran drove up energy prices and exacerbated financial burdens on American families ahead of the upcoming midterm elections. The increase highlights voters' concerns over rising living costs, particularly as President Donald Trump is campaigning in various US states to bolster support for his Republican party amid efforts to retain control of Congress.
Despite the higher-than-anticipated Consumer Price Index (CPI) of 3.7% year-on-year jump, it marked a more pronounced acceleration compared to the 3.4% reading in August, according to data from the Department of Labor. Economists had predicted a slightly lower 3.6% inflation rate. The pace of inflation also quickened month-over-month, from 0.4% in August to 0.6% in September.
Gas prices were responsible for more than half of this surge, with gasoline prices climbing 9.1% on a month-to-month basis, as revealed in the report. When excluding the volatile food and energy sectors, the core CPI, which measures inflation excluding these sectors, rose 2.6% from a year ago.
Written by urgent.news from Live Mint's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
This story
This is one outlet's version. Read the fullest account.
