In September, inflation crept higher than anticipated, with the annual rate reaching 2.4%, surpassing forecasts.
The monthly Consumer Price Index (CPI) rose by 0.2%, according to the Labor Department. This uptick, though minor, pushes inflation beyond expectations, despite being the lowest rate since February 2021. Core inflation, which excludes volatile food and energy prices, also exceeded predictions, with a 0.3% monthly increase and a 3.3% annual rate.
The inflation rise is largely due to surging food and shelter costs. Food prices jumped 0.4% and shelter costs 0.2%, offsetting a notable 1.9% decline in energy prices. Meanwhile, used vehicle costs and medical services also contributed, rising 0.3% and 0.7%, respectively. Notably, apparel prices surged by 1.1%, underscoring the persistent inflationary pressure in some sectors.
Simultaneously, unemployment claims surged to their highest levels since August, with 258,000 initial filings for the week ending October 5. This rise in jobless claims, up by 33,000 from the previous week, stems from factors such as the aftermath of Hurricane Helene and the Boeing strike, which impacted states like Michigan and Florida. The labor market’s volatility adds another layer of complexity to the economic picture. […]
— Read More: dallasexpress.com
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