More expensive gas, semiconductors likely pushed up inflation last month
Summary
Inflation in the United States likely increased in September, mainly due to higher gas prices and semiconductor costs. The Consumer Price Index is expected to show a 3.6% rise over the past year, with monthly prices up 0.6%, reflecting ongoing economic challenges two years after a major inflation peak.Key Facts
- Inflation likely rose 3.6% in September compared to a year earlier, up from 3.4% in August.
- Monthly prices increased 0.6% from August to September, the largest monthly rise since April.
- Higher gas prices, affected by the Iran war, contributed significantly to the inflation rise.
- Core inflation (excluding food and energy) probably increased 2.5% year-over-year in September.
- The Federal Reserve has raised interest rates to about 3.9% to control inflation.
- Fed officials are deciding if more rate hikes are needed, with one more hike expected later this year.
- Gas price increases have raised airfare costs by about 23% compared to a year ago.
- Inflation remains a political concern and affects President Donald Trump's approval ratings on economic issues.
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