An inflation gauge that's closely monitored by the Federal Reserve showed price increases remained elevated in September amid brisk consumer spending and strong economic growth. Prices rose 0.4% from August to September, the same as the previous month. And compared with 12 months earlier, inflation was unchanged at 3.4%.
People talk near a 2024 Cooper S convertible on the floor of a Mini dealership Saturday, Oct. 21, 2023, in Highlands Ranch, Colo. On Friday, the Commerce Department issues its September report on consumer spending. File - A woman shops in a Target store in Upper Saint Clair, Pa., on July 7, 2023. On Friday, the Commerce Department issues its September report on consumer spending. File - Shoppers head into a Costco warehouse as the sun sets late on July 12, 2023, in Sheridan, Colo.
September’s month-to-month price increase exceeds a pace consistent with the Fed’s 2% annual inflation target, and it compounds already higher costs for such necessities as rent, food and gas. The Fed is widely expected to keep its key short-term interest rate unchanged when it meets next week. But its policymakers haveSince March 2022, the central bank has raised its key rate from near zero to roughly 5.4% in a concerted drive to tame inflation. Annual inflation has tumbled from the 9.
Excluding volatile food and energy costs, “core” prices increased 0.3% from August to September, above the 0.1% uptick the previous month. Compared with a year earlier, though, core inflation eased to3.7%, the slowest rise since May 2021 and down from 3.8% in August.
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