Consumer prices rose 0.4% in September, more than economists had expected, as rising costs for shelter drove the increase, the Labor Department reported on Thursday.
On an annual basis, the consumer price index was unchanged for the month, at 3.7%.
The core CPI, leaving out energy and food costs, rose 0.3%, while the yearly rate dropped to 4.1% from 4.3% previously.
The CPI release follows Wednesday’s producer price index that rose more than expected, at 0.5% for the month, and 2.2% for the year.
But, over the last 12 months, consumer inflation has fallen from an 8.2% pace – although it remains well above the 2% annual goal set by the Federal Reserve.
Persons:
” Johan Grahn
Organizations:
Labor Department, Federal Reserve, Allianz Investment Management, Atlanta Federal Reserve Bank