Economic Buzz: US Consumer Prices Accelerate In September

14 Oct 2022 , 09:16 AM

US consumer prices increased by more than expected in the month of September, according to a highly anticipated report released by the Labor Department on Thursday. The Labor Department said its consumer price index rose by 0.4 percent in September after inching up by 0.1 percent in August. The stronger than expected consumer price growth reflected higher prices for shelter, food and medical care, which were partly offset by a continue slump in gasoline prices. Meanwhile, the report showed the annual rate of growth by consumer prices slowed modestly to 8.2 percent in September from 8.3 percent in August. The pace of growth was expected to decelerate to 8.1 percent. Excluding food and energy prices, core consumer prices climbed by 0.6 percent for the second straight month compared to expectations for a 0.5 percent advance. Powered by Commodity Insights