September’s Consumer Price Index (CPI) report from the U.S. Bureau of Labor Statistics showed that inflation rose 0.3 percent in September on a seasonally adjusted basis and 3.0 percent over the past 12 months. The report, delayed due to the recent government shutdown, indicates that price pressures remain steady but not as severe as some forecasts anticipated.
Core inflation, which excludes food and energy, also increased 3.0 percent year over year, reflecting a modest cooling trend compared with earlier in the year. Gasoline prices were a major driver of the September increase, rising 4.1 percent during the month, while food prices continued to climb 3.1 percent annually. Shelter costs, a key component of the index, saw their smallest monthly gain since early 2021.
While inflation remains above the Federal Reserve’s 2 percent target, the softer-than-expected figures suggest a gradual easing of price growth.
Economic News Release from the U.S. Bureau of Labor Statistics.