September 2022 US CPI Inflation: US Retail inflation 8.2% YoY in September!
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September 2022 US Inflation: US inflation 8.2% YoY in September!
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Inflation rose more than expected in September even as gas prices helped give consumers a little bit of a break, the Bureau of Labor Statistics reported Tuesday.
The consumer price index, which tracks a broad swath of goods and services, increased 0.4% for the month and 8.2% over the past year (against 8.1% expectation).
Excluding volatile food and energy prices, core CPI accelerated 0.6% against the Dow Jones estimate for a 0.4% increase. Core inflation was up 6.6% from a year ago.
The report rattled financial markets, with stock market futures plunging and Treasury yields moving up.
The food index rose 0.8% for the month, the same as August, and was up 11.2% from a year ago.
That increase helped offset a 2.1% decline in energy prices that included a 4.9% drop in gasoline.
Energy prices have moved higher in October, with the price of regular gasoline at the pump nearly 20 cents higher than a month ago, according to AAA.
Closely watched shelter costs, which make up about one-third of CPI, rose 0.7% and are up 6.6% from a year ago
Transportation services also showed a big bump, increasing 1.9% on the month and 14.6% on an annual basis. Medical care costs rose 1% in September.
The central bank has raised benchmark interest rates 3 full percentage points since March.
Thursday’s CPI data likely cements a fourth consecutive 0.75 percentage point hike when the Fed next meets Nov. 1-2, with traders assigning a 98% chance of that move.
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