Inflation in the United States accelerated in September, with the cost of housing and other necessities intensifying pressure on households, wiping out pay gains and ensuring that the Federal Reserve will keep raising interest rates aggressively.
Consumer prices rose 8.2% in September compared with a year earlier, the government said Thursday. On a month-to-month basis, prices increased 0.4% from August to September after having ticked up 0.1% from July to August.
Excluding the volatile categories of food and energy, so-called core inflation soared far above expectations last month — a sign that the Fed’s five rate hikes this year have so far done little to cool inflation pressures. Core inflation climbed 0.6% from August to September and 6.6% over the past 12 months. The yearly core figure is the biggest increase in 40 years. Core prices typically provide a clearer picture of underlying price trends.
Major U.S. markets swung sharply lower, with the Dow Jones Industrial Average falling 400 points, or 1.4%, in early trading. Markets in Europe tumbled as well.
Thursday’s report represents the final U.S. inflation figures before the Nov. 8 midterm elections after a campaign season in which spiking prices have fueled public anxiety, with many Republicans casting blame on President Joe Biden and congressional Democrats. #Money #Inflation
READ MORE: https://www.wcnc.com/article/news/nation-world/inflation-fed-interest/507-385c37c8-09b3-40bb-a76a-ef2092d08e45
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