Consumer Price Index (CPI) Climbed 0.4% in September, Higher than Expected by Dow Jones

according to statistics published Prices of goods and services rose faster than expected in September, according to the Labor Department. The consumer price index (CPI) rose 0.4% in September and 3.7% compared to the same period last year. This was better than expected, as Dow Jones had forecast growth of 0.3% and 3.6%, respectively.

September CPI report shows multiple increases

Labor Department figures show the core CPI, which excludes volatile energy and food prices, rose 0.3% for September and 4.1% over the last twelve months. The report also said energy prices rose 1.5% compared with a 5.6% rise in August. Gasoline rose 2.1%, while electricity rose 1.3%.

The report also found several increases, including 0.6% for shelter, 0.7% for transportation services and 0.3% for medical care services. Additionally, new vehicle prices also rose 0.3% in September. However, used car and truck prices fell 2.5% in September and 8% over the past 12 months, with apparel prices also falling, down 0.8% for the month and 2.3% for the year.

CPI measures changes in the prices consumers pay for goods and services. It is based on the prices of transportation, food, shelter, clothing, fuel, medicines, medical services and many other things that people spend every day.

in a different reportThe Labor Department revealed that real average hourly earnings fell 0.2% in September. However, earnings rose 0.5% year-on-year. Additionally, jobless claims for the week were 209,000, the same as last week. However, the total is less than the expected 210,000.

Core inflation was seen last month in August largest monthly increase The prices of many commodities have increased this year. August’s CPI rose 0.6% and 3.7% on the year. A month ago, the CPI was up only 0.2%.

Interest rates will remain unchanged

US Federal Reserve officials are cautious about interest rates and have decided to leave them unchanged. Members of the Federal Open Market Committee (FOMC) in the meeting decided Rates will remain the same until further notice. Nonetheless, members generally argued for and against additional increases.

minutes It was said in the meeting that all the members believe that policy decisions should be taken carefully. Members also said any action must be based on data and also balance the risks. The benchmark rate remains between 5.25% and 5.5%. The midpoint of this range is the highest seen in the US in 22 years. according to a Press release,

“In assessing the appropriate stance of monetary policy, the Committee will continue to monitor the implications of incoming information for the economic outlook. The Committee will be prepared to adjust the monetary policy stance appropriately if risks emerge that could hinder the achievement of the Committee’s objectives.

The release said the FOMC’s assessment will consider information including inflation pressures and expectations, labor market conditions, and financial and international developments.

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Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to strip down the secrets of crypto stories to the basics so that anyone anywhere can understand without too much background knowledge. When Tolu is not deeply immersed in crypto stories, he enjoys music, loves to sing and is an avid film buff.