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.