Higher shelter and energy prices propped up inflation at 3.7% in September
by Zachary Halaschak, Economics Reporter
October 12, 2023 08:34 AM
Inflation held steady at 3.7% for the year ending in September, buoyed by higher shelter and energy costs and defying expectations for a mild slowdown.
The data, reported on Thursday by the Bureau of Labor Statistics in an update to the consumer price index, is a bit of good news for President Joe Biden given that inflation didn't further accelerate. Biden has been trying to reassure voters that he is curbing price pressures. It is also likely a welcome development for the Federal Reserve, which has desperately worked to drive down inflation over the past year.
On a month-to-month basis, inflation fell to 0.4%, slightly higher than projected.
“Core inflation,” which strips out volatile food and energy prices, fell to 4.1% for the year ending in September. Overall, core inflation has largely trended down this year, a good sign for the Fed.
more
https://www.washingtonexaminer.com/policy/economy/inflation-at-3-7-in-september
