CNN —Price increases have slowed considerably from their peak two years ago and are now rising at a similar pace to inflation in 2017 and 2018, according to new inflation data released Thursday.
The Consumer Price Index, which measures price changes across commonly purchased goods and services, was 2.4% for the 12 months ended in September, slowing from a 2.5% annual rate in August, according to the latest Bureau of Labor Statistics report.
On a monthly basis, prices rose 0.2%, in line with the advance in August but faster than economists’ projections of 0.1%.
A jump in food prices combined with ongoing shelter-related price-hikes pushed the overall CPI higher last month, BLS said.
Still, economists say that inflation is headed in the right direction, because the factors that pushed prices higher during the pandemic era have largely faded while demand has slowed to more normal levels.
Persons:
CNN — Price, –
Organizations:
CNN, Labor Statistics, BLS