Consumer prices climbed at an 3.7% annual pace in September, matching the rate set in August as costs for shelter and other services increased. But growth in core prices, which strips out the volatile food and energy categories, decelerated from August to a 4.1% annual pace, from 4.3% previously.
Shelter costs were by far the largest contributor to the overall increase for the month, accounting for more than half of the total price gains. Rent costs climbed 0.5% for the second straight month, while an equivalent measure for homeowners jumped 0.6% after rising 0.4% the month before. Energy prices were mixed. Utility gas services declined significantly, falling 1.9% over the month. Gasoline prices also decelerated dramatically, though they still climbed, with a 2.1% increase in September after a 10.6% gain in August.
Overall, the report highlights just how stubbornly strong price growth remains despite the Federal Reserve’s continuing efforts to slow the economy by tightening monetary policy.
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Source: MarketWatch - 🏆 3. / 97 Read more »