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Inflation rose to 3.7% last month in last snapshot of consumer prices before the midterms
Itâs the car repair, the doctorâs visit, the plane ticket, the computer upgrade, the new clothes.
Inflation rose faster than expected last month, and more broadly than expected, with price pressures extending well beyond the pump, new Bureau of Labor Statistics data showed Wednesday.
The latest Consumer Price Index showed that prices rose 0.6% in September from the month before, bringing the annual rate of inflation to 3.7%, up from 3.4% in August and above economistsâ expectations for a 3.6% increase.
A closely watched gauge of underlying inflation also ran hot last month: Core CPI, which excludes volatile food and energy prices, rose 0.3% from August and 2.6% from a year earlier (economists were expecting increases of 0.2% and 2.5%, respectively).
How high inflation became a 'fact of life' in the U.S.
U.S. consumers are in the midst of one of the longest stretches of elevated inflation of the past century. Some are beginning to act like it's a new normal, raising alarm bells for members of the Federal Reserve.
Wednesday's consumer price index release showed a 3.7% increase year over year in September. CPI has now registered around 65 months â that's more than five years â of consecutive annual readings above 2%, a widely accepted target for inflation in the U.S.
This yearslong spell of high inflation has cast a dark cloud over everyday Americans' view of the economy, and could shape everything from how they budget to how they vote in next month's midterm elections. At the Fed, leaders are left questioning whether consumers' inflationary expectations are becoming too entrenched to rein in.
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Stock market today: Hot inflation report drops tech, drives S&P 500, Nasdaq down
Stocks declined on Wednesday as investors digested hotter-than-expected inflation data, and bank earnings continued to roll in.
The Dow Jones Industrial Average (^DJI) slipped 0.3% while the S&P 500 (^GSPC) declined 1%. The Nasdaq Composite (^IXIC) fell 1.5% after stocks staggered lower on Tuesday.
September's Consumer Price Index (CPI) rose 3.7% year over year, versus 3.6% expected by economists. Higher gas and energy prices drove inflation higher, lowering the odds that the Federal Reserve will hold rates steady at its next policy meeting.
Semiconductor stocks continued to sell off after the KOSPI index (^KS11) declined 12% over the past five days. Chip equipment maker ASML (ASML) on Wednesday posted record third quarter sales and raised its full-year outlook amid strong AI demand. Investors await Taiwan Semiconductor earnings on Thursday (TSM) for further confirmation of the AI boom.
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