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The Consumer Price Index (CPI) rose by 2.4% in September from the same period last year, according to a report by the Bureau of Labor Statistics. This figure is slightly above economists' expectations and represents a slight decrease from August's inflation rate of 2.5%. The Core CPI, which excludes volatile food and energy costs, increased by 3.3% in September, up from 3.2% in August.
On a monthly basis, the CPI increased by 0.2% in September, matching the rise in August. Economists had predicted a 0.1% monthly increase, which would have brought the overall inflation rate down to 2.3% from 2.5% in August.
Food prices saw a significant increase in September, rising by 0.4% after a 0.1% increase in August. Prices for food at home and restaurant food both rose by 0.4% and 0.3% respectively. Energy prices were mixed, with utility gas service prices climbing 0.7%, fuel oil prices falling 6.0%, gasoline prices falling 4.1%, and electricity prices increasing 0.7%. Shelter prices climbed 0.2% in September, following a 0.5% rise in August.
The inflation figures for September indicate slightly higher inflation pressures than had been expected, which could have implications for future economic policy decisions.