The Consumer Price Index rose 0.4 percent in September on a seasonally adjusted basis after rising 0.1 percent in August, the U.S. Bureau of Labor Statistics reported today. Over the last 12 months, the “all items” index increased 8.2 percent before seasonal adjustment.
The U.S. Consumer Price Index report for September showed:
The food index increased 11.2% over the last year, down slightly from August. The index for electricity increased by 15.5%, while natural gas increased 33% and fuel oil increased 58.1% in the last 12 months. Price increases for shelter, food, and medical care continue to be the largest of many contributors to the total increase.
The continuing unchecked inflation makes it nearly certain that the U.S. Federal Reserve will once again sharply increase interest rates at its next meeting, scheduled for Nov. 1-2, a week before the mid-term elections. Click here to read more about the CPI increase.