U.S. inflation soars higher than expected in September
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Data from the Bureau of Labor Statistics under the U.S. Department of Labor on inflation revealed that consumer prices increased by 2.4% YoY ending in September, a slight deceleration compared to the 2.5% annual price gain in August. The yearly increase was the lowest recorded since 2021, and it surpassed economists’ projections by 0.1%. The index jumped 0.2% over the last 30-day period, which was more than the expected 0.1% but equal to the monthly increase (MoM) seen in August. The September CPI report had good news and bad news, according to Eugenio Aleman, chief economist at Raymond James. The good news was that shelter costs had slowed down, and the bad news was that there was a risk of more inflation going forward. Inflationary pressures surge beyond price jump forecasts Inflation expected to slow in September but ‘upside risks’ loom amid start of Fed easing https://t.co/NmoC8zmVBT by @allie_canal — Yahoo Finance (@YahooFinance) October 9, 2024 The core CPI, excluding the volatile categories of energy and food, caught the analyst’s attention, with the core inflation rising by 0.3% month-over-month and 3.3% YoY in September. Both surpassed economists’ projections of a 0.2% MoM increase and an annual rise of 3.2%. Shelter and food indexes rose 0.2% and 0.4% in September, contributing a combined 75% of the monthly all-items increase. Food at home and food away from home increased by 0.4% and 0.3% respectively over the month. According to the BLS (Bureau of Labor Statistics), the persistent upward pressure on core inflation suggested strong underlying price pressures. It pointed out that the inflation-combating efforts were more challenging than anticipated. The sticky shelter inflation was largely blamed for the recorded higher core inflation readings, according to economists, but the moderation from August to September was an encouraging sign. Inflation remained above the Fed’s…
Filed under: News - @ October 10, 2024 7:27 pm