Inflation heats up as gas prices surge
Summary
U.S. inflation rose in September, mainly because gas prices went up a lot. This increase makes it more likely that the Federal Reserve will raise interest rates again soon.Key Facts
- Consumer prices grew by 0.6% in September, higher than August’s 0.4% rise.
- Annual inflation hit 3.7% in September, up from 3.4% in August.
- Gasoline prices jumped 9.1% in September after a 3.9% rise in August.
- Core inflation, which excludes food and energy, increased 0.3% in September.
- President Trump temporarily eased rules on tax-free diesel and lifted some U.S. sanctions on Russian fuel to ease fuel supply issues.
- Airline ticket prices rose 1.2% in September, with a 22% increase over the past year.
- Federal Reserve officials are considering another interest rate hike due to ongoing inflation pressures.
- Financial markets now expect a higher chance of an interest rate increase this month.
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