US consumer price rises accelerated to 3.7% in September, driven largely by higher gasoline costs, in the last inflation update before next month’s midterm elections.
01Summary
- 01US inflation rose to 3.7% in the year to September, up from 3.4% in August, according to official figures.
- 02Gasoline prices jumped 9.1% in September and accounted for more than half of the monthly increase in inflation.
- 03Overall energy inflation rose 20.4% over the year, with fuel oil, energy services and electricity all higher.
- 04The Bureau of Labor Statistics said the consumer price index measures price changes across hundreds of goods and services.
- 05Researchers at the Federal Reserve Bank of New York found higher tariffs had pushed up prices, with US firms absorbing nearly 90% of the added tax cost.
02Why it matters
Higher inflation affects household budgets and is a key issue in the midterm elections, which are being fought over cost-of-living pressures. It may also shape how the US Federal Reserve thinks about interest rates.
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