In September, the Consumer Price Index for All Urban Consumers (CPI-U) experienced a 0.4 percent increase on a seasonally adjusted basis, following a 0.6 percent rise in August, according to the U.S. Bureau of Labor Statistics’ latest report. Over the past year, the overall price index grew by 3.7 percent before adjusting for seasonal factors.
More than half of the increase in CPI was attributed to housing expenses, which were the primary cause of inflation.
Although they were down 0.2% on the month, real average hourly earnings were up 0.5% from a year ago.
Inflation remained a top concern for policymakers in September as prices consumers pay rose at a somewhat faster-than-anticipated rate for a variety of products and services.
The primary driver of the monthly uptick in all items was the shelter category, accounting for more than half of the total increase. The gasoline index also played a significant role in the overall monthly price increase. Although the major energy component indices displayed mixed trends in September, the energy index saw a 1.5 percent increase for the month. Meanwhile, the food index saw a 0.2 percent uptick in September, consistent with the previous two months. Within the food category, the index for food at home increased by 0.1 percent, whereas the index for food away from home rose by 0.4 percent.
Excluding food and energy, the all-items index saw a 0.3 percent increase in September, mirroring the increase observed in August. Notable contributors to this increase included rent, owners’ equivalent rent, lodging away from home, motor vehicle insurance, recreation, personal care, and new vehicles. However, certain categories such as used cars and trucks and apparel witnessed decreases during the same period.
Over the 12 months ending in September, the all-items index increased by 3.7 percent, mirroring the growth observed in the 12 months ending in August. The all-items index, excluding food and energy, rose by 4.1 percent over the same 12-month period. On the other hand, the energy index experienced a 0.5 percent decrease over the 12 months ending in September, while the food index registered a 3.7 percent increase over the past year.
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