Higher Energy Prices Pushed U.S. Inflation Up to 3.7% Ahead of Midterm Elections
New York Times · LC · trust 47/100
September’s Consumer Price Index report will keep pressure on President Trump and the Federal Reserve to tame intensifying price pressures.
The Consumer Price Index report, released by the Bureau of Labor Statistics on Wednesday, showed that overall prices rose 0.6 percent, the largest monthly increase in five months. Compared with the same time last year, prices were 3.7 percent higher.
The bulk of the increase stemmed directly from energy prices, which have shot higher this year because of the war with Iran. That has translated into increased costs for Americans, who are paying more to fill their cars, heat their homes and travel by air.
Gasoline prices, which in late September rose to nearly $4.50 a gallon, surged 9.1 percent for the month. That accounted for more than half of the overall monthly increase in prices. Gas prices are up 34.2 percent over the past year.
Fuel oil prices, used for heating in many homes in the Northeast, have also shot higher, rising 15.3 percent in September, or 74.2 percent on an annual basis. Higher fuel costs have boosted airfares, which were up 1.2 percent in September, or 22.4 percent over the year.
Food prices were flat for the month, but over the past 12 months have risen 2.5 percent.
“Core” inflation, which excludes volatile energy and food prices, edged higher as well, but by a smaller magnitude. Over the course of September, these prices were up only 0.3 percent. Over the past year, they were up 2.6 percent.
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