Inflation picked up again last month. The Labor Department’s Consumer Price Index rose 0.6% in September, after a 0.4% gain in August, the Bureau of Labor Statistics said Wednesday.
Over the past 12 months, prices are up 3.7%, compared with 3.4% through August. Gasoline was the main driver, and core prices, which leave out food and energy, also came in firmer than many forecasters expected.
The report put a possible interest rate increase later this month back in play at the Federal Reserve. Higher rates would mean more expensive car loans, credit cards and mortgages, and mortgage rates have already been climbing.
It also lands three weeks before the Nov. 3 midterms, at a time when polls show cost of living is a top concern. Reuters reported that rising diesel and gasoline prices, along with the war with Iran, have weighed on President Trump’s approval ratings.
Arizona drivers have felt the same thing at the pump. You can track today’s state average on our Arizona Today page.
Sources: Reuters via Devdiscourse, Wall Street Journal. Thee Arizona Times uses AI-assisted reporting reviewed against the sources listed.
Photo: Tony Webster / CC BY 2.0 via Wikimedia Commons.
