Inflation stayed unusually high in September due to an uptick in the cost of energy, rent and food, and it continued to squeeze millions of U.S. households.
Inflation rose more than expected in September as a spike in the cost of rent and food kept prices abnormally high for millions of U.S. households. The Labor Department said Thursday the consumer price index, a broad measure of the price for everyday goods, including gasoline, groceries and rents, rose 0.4% in September from the previous month, a slight improvement from August but still more than expected. Prices climbed 3.7% from the same time last year, coming in slightly higher than the 3.
Food has been one of the most visceral reminders of red-hot inflation for Americans. In September, the cost of groceries increased for the sixth straight month. Grocery prices climbed 0.1% over the course of the month, according to the data. On an annual basis, prices remain up 2.4% compared with the same time last year.
Energy prices inched higher in September, climbing 1.5% over the course of the month. That included an 8.5% rise in fuel oil and a 2.1% bump in gas prices. Gasoline costs have been trending upward in the wake of major supply cuts by OPEC+. The average cost of a gallon of regular gasoline hit $3.83 last month, according to AAA. By comparison, gas prices fell to $3.64 Thursday.
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