Inflation heats up again, days before midterm elections
Summary
A Federal Reserve-monitored inflation gauge rose faster in September, with prices up 3.6% from a year earlier and 0.5% from August. Higher fuel costs drove much of the increase, while prices for services including shipping, hotel rooms and utilities also climbed.Key Facts
- The Commerce Department reported that consumer prices rose 3.6% in September compared with a year earlier, up from 3.4% in August.
- Prices increased 0.5% from August to September, compared with a 0.3% monthly increase in August.
- The monthly increase was the highest since May.
- Rising gas prices drove much of the inflation increase.
- The article said renewed violence in the Middle East kept oil prices above $100 a barrel, compared with less than $70 before the Iran war.
- Costs for shipping, hotel rooms and utilities rose rapidly from August to September.
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