U.S. consumer prices increased at a faster pace in September as a sharp rise in gasoline costs pushed annual inflation to 3.7%, up from 3.4% in August, according to the Bureau of Labor Statistics.
The Consumer Price Index rose a seasonally adjusted 0.6% for the month, following a 0.4% increase in August.
Gasoline prices jumped 9.1%, accounting for more than half the monthly increase. Overall energy prices climbed 5.2%, accelerating from August’s 2.1% gain, and were 20.4% higher than a year earlier.
Core CPI, which excludes food and energy, increased 0.3% for a second consecutive month. Annual core inflation rose to 2.6% from 2.4% in August, indicating that the acceleration extended beyond energy.
Shelter costs increased 0.4%, following a 0.3% rise in August. Other categories posting monthly increases included recreation, used cars and trucks, education, airline fares, medical care and apparel.
Food prices were unchanged overall. Grocery prices declined 0.1%, offsetting a 0.2% increase in food away from home. Over the past year, food prices increased 2.5%.
The post Inflation Accelerates to 3.7% as Gasoline Prices Surge appeared first on Connect CRE.
