- Advertisement -

we consumer prices Energy prices rose last month as they accelerated at their fastest annual pace in 13 years.

According to the Labor Department, the consumer index price index rose 5.4% year over year in September, matching the July readings for the hottest print since 2008. Month-on-month prices increased by 0.4%.

advertisement

Analysts polled by Refinitiv were expecting prices to rise between 5.3% and 0.3% annually in September.

“Consumer prices continue to rise, particularly as supply driven by demand driven by people returning to post-vaccination life that is increasingly constrained by logistics and labor shortages,” said Brian Crosby, managing partner at Trub Capital Partners. “We see it every day.”

- Advertisement -

Energy prices climbed 1.3% in September and are now up 24.8% from the previous year.

Meanwhile, food prices rose 0.9% last month and are now 4.6% annually. Prices of meat, poultry, fish and eggs have risen 10.5 per cent this year, while beef prices have risen by 17.6 per cent.

Core prices, which exclude food and energy, rose 0.2% in September and 4% annually, matching analysts’ expectations.

Get Granthshala Business on the go by clicking here

The report takes into account a Federal Reserve meeting next month when the central bank said in September that it may soon begin reducing its asset purchases, but that rate hikes were far on the horizon.

Federal Reserve Chairman Jerome Powell has said the recent bout of inflation is “temporary” and that price pressures will ease over time as supply chain bottlenecks caused by COVID-19 are eased. However, that narrative has been challenged by some Fed members.

“You’ll see that I brought a prop to the lecture. It’s a jar with the word “transient,” Atlanta Fed President Rafael Bostik, a voting Federal Open Market Committee member, told the Peterson Institute of International Economics on Tuesday. Told. . “It’s become a swear word to my employees and to me over the past few months. Say ‘transient’ and you have to put a dollar in the jar.”