Skip to content

What The Latest 3% Inflation Rate Means For American Consumers

Photo by engin akyurt / Unsplash

The U.S. inflation edged up to 3% in September, marking the fastest pace of price increases since January, according to the Bureau of Labor Statistics. The rise was driven largely by a 4.2% surge in gas prices, the sharpest monthly jump in over two years. Food prices grew at a slower pace than in August, offering some relief to consumers.

The latest Consumer Price Index (CPI) data showed overall prices rising 0.3% month-on-month, while core inflation, which excludes food and energy, increased 0.2%.

Economists had expected higher figures, suggesting inflation pressures are easing but not gone.

According to Moody’s Analytics, the average American household is paying $208 more per month than a year ago for the same goods and services.

Markets reacted positively, with stocks rising on hopes the Federal Reserve will proceed with rate cuts. The report also came after the government shutdown, delaying its release.

Also read:

America’s Somnambulism
The world’s largest economy moves forward in its sleep.

Comments

Latest