Consumer prices rose 3.6% year over year in September, up from 3.4% in August, while their monthly increase reached 0.5%, the highest level since May. Higher gasoline prices, driven by oil remaining above $100 a barrel, contributed to the acceleration, but inflation is also spreading across services. Excluding food and energy, core inflation reached 3.1% year over year in September. Meanwhile, GDP grew at a 3.4% annual rate in the third quarter, although inflation-adjusted household incomes fell 0.3% from the previous month. The data, released days before the midterm elections and after the Federal Reserve held its benchmark rate unchanged, raise concerns about a possible rate increase in December.
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