US inflation rises before midterm elections, fuelling rate hike fears
Summary
US inflation increased in September, with consumer prices rising faster than in August. This raises the possibility that the Federal Reserve will raise interest rates again soon, ahead of the midterm elections in November.Key Facts
- Annual inflation rose to 3.7% in September, up from 3.4% in August.
- Prices went up 0.6% in September compared to the previous month.
- Petrol prices increased 9.1% in September and are 34.2% higher than a year ago.
- The average price of petrol is about $4.33 per gallon; diesel costs $6.29 per gallon.
- Shelter costs increased by 0.4% in September after a 0.3% gain in August.
- Food prices stayed mostly steady, with some rises in restaurant meals and groceries balanced by drops in milk and beef prices.
- Computer software and accessory prices rose 28% over the past year, partly due to investment in AI technology.
- The Federal Reserve last raised interest rates by 0.25 percentage points and may raise them again soon.
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