Inflation stayed elevated in September and remained well above the Federal Reserve’s target rate as policymakers prepare to meet next week to decide on their forthcoming interest rate move.
The Bureau of Labor Statistics on Friday said that the consumer price index (CPI) – a broad measure of how much everyday goods like gasoline, groceries and rent cost – rose 0.3% in September compared with the prior month, while it increased to 3% on a year-over-year basis from 2.9% in August.
The monthly figure was in line with the expectations of economists polled by LSEG, while the year-over-year number was slightly lower..
So-called core prices, which exclude volatile measurements of gasoline and food to better assess price growth trends, were up 0.2% from the prior month and 3% from a year ago. Both figures were slightly cooler than economists’ expectations.
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