Teh One Who Knocks
10-13-2022, 12:51 PM
By Megan Henney | FOXBusiness
https://i.imgur.com/pKcXcnEl.jpg
Inflation ran hotter than expected in September, continuing to squeeze U.S. households and worsen a political headache for President Biden with just one month until midterm elections.
The Labor Department said Thursday that the consumer price index, a broad measure of the price for everyday goods including gasoline, groceries and rents, rose 0.4% in September from the previous month. Prices climbed 8.2% on an annual basis.
Those figures were both higher than the 8.1% headline figure and 0.2% monthly increase forecast by Refinitiv economists, a worrisome sign for the Federal Reserve as it seeks to cool price gains and tame consumer demand with an aggressive interest rate hike campaign.
In an even more concerning development that suggests underlying inflationary pressures in the economy remain strong, core prices – which strip out the more volatile measurements of food and energy – climbed 0.6% in September from the previous month. From the previous year, core prices jumped 6.6%, the fastest since 1982.
Economists anticipated that core prices would climb 0.5% on a monthly basis and 6.5% from the previous year.
https://i.imgur.com/pKcXcnEl.jpg
Inflation ran hotter than expected in September, continuing to squeeze U.S. households and worsen a political headache for President Biden with just one month until midterm elections.
The Labor Department said Thursday that the consumer price index, a broad measure of the price for everyday goods including gasoline, groceries and rents, rose 0.4% in September from the previous month. Prices climbed 8.2% on an annual basis.
Those figures were both higher than the 8.1% headline figure and 0.2% monthly increase forecast by Refinitiv economists, a worrisome sign for the Federal Reserve as it seeks to cool price gains and tame consumer demand with an aggressive interest rate hike campaign.
In an even more concerning development that suggests underlying inflationary pressures in the economy remain strong, core prices – which strip out the more volatile measurements of food and energy – climbed 0.6% in September from the previous month. From the previous year, core prices jumped 6.6%, the fastest since 1982.
Economists anticipated that core prices would climb 0.5% on a monthly basis and 6.5% from the previous year.