The consumer price index jumped to 3.7% in September from 3.4% in August, while core inflation rose to 2.6%, according to the Bureau of Labor Statistics. Gasoline prices surged 9.1% in September alone and 34% year-over-year, as the Iran war severely disrupted oil flows through the Strait of Hormuz and pushed diesel prices up 68%. This energy cost surge is likely to compel the Federal Reserve to continue raising interest rates to tame inflation described as « uncomfortably strong » by economists. Consumer sentiment fell to its second-lowest level on record, and airfares climbed 22% year-over-year, though grocery prices edged down 0.1% last month.
Source: Read the original article
Disclaimer: this content is for information purposes only and is not financial advice. Cryptocurrencies are highly volatile: you may lose all of your capital. Always do your own research. Legal notice
