US inflation rose to 3.7% in September, figures show
Summary
US inflation rose to 3.7% in September, the highest level before a midterm election since 1990 excluding the pandemic period. Rising energy prices, linked to the US-Israel conflict with Iran, have contributed significantly to higher costs for Americans. President Trump and his administration face criticism for inflation, although he attributes some effects to actions by Iran and related groups.Key Facts
- Inflation in the US reached 3.7% annually in September, up from previous months.
- This is the highest inflation rate before a midterm election since 1990, not counting the pandemic years.
- Energy prices, including gas and diesel, have risen sharply due to conflicts involving Iran, impacting household expenses.
- Higher energy costs have added over $1,000 per household in expenses according to Brown University.
- The Federal Reserve recently raised interest rates to combat inflation, affecting borrowing costs like mortgages.
- 78% of Americans blame the current Trump administration’s policies for inflation, including a majority of Republicans who support President Trump.
- President Trump has said that Iran and groups like Yemen’s Houthis are influencing oil prices to affect US elections.
- The 30-year mortgage rate has increased to about 7.40%, making home loans more expensive.
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