Measures of U.S. inflation barely declined in September, evidence that consumer price increases are grinding lower at a gradual pace.
Consumer prices rose 0.4% from August to September, below the previous month's 0.6% pace. Thursday’s report from the Labor Department also showed that year-over-year inflation was unchanged last month from a 3.7% rise in August.
Thursday's inflation data is unlikely to change the Fed's outlook, Rosner-Warburton said, because the central bank already expected only a gradual decline in inflation. The main driver of last month's inflation was an uptick in housing costs. Rental prices and a measure that the government computes of the cost of home ownership, which together make up about a third of the total inflation index, accounted for most of overall inflation from August to September. Those costs also accounted for more than two-thirds of the increase in core prices compared with a year ago.
She has had to raise the average price for a beer at her brewery to about $8, from about $6.50, to offset a range of higher costs. Her price increases, she said, have led a few of her regulars to quip, "What are you putting in this beer?" Consumers did receive some relief last month as prices declined for some goods. Clothing costs dropped 0.8%, though they're up 2.3% compared with a year earlier. Used car prices dropped for a fourth straight month, declining 2.5%. They're now down 8% from a year ago.
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