US Inflation Edges Up Slightly in September
(MENAFN) The annual inflation rate in the United States reached 3% in September, slightly above August’s 2.9% but still below analysts’ predictions, according to official statistics released on Friday.
Data from the Bureau of Labor Statistics showed that the monthly inflation rate slowed to 0.3% in September, down from 0.4% in August and falling short of expectations.
On a yearly basis, "food prices in the US rose by 3.1% in September," while "energy prices were up 2.8%."
The rise in energy services costs was a key contributor to the overall inflation increase in September, climbing 6.4% year-on-year.
This was largely driven by higher utility costs, with "piped gas and electricity services" rising 11.7% and 5.1%, respectively.
Excluding volatile food and energy costs, "the core inflation... was at 3% in September," marking a decline from the previous month.
Looking at monthly changes, "shelter prices rose 0.2%, food prices increased 0.2% over the month, and the energy prices rose 1.5%," largely due to a 4.1% surge in gasoline prices.
Inflation data remains a critical gauge for the Federal Reserve as it evaluates economic conditions and shapes its "monetary policy decisions."
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