U.S. consumer prices outpace forecast as inflation dogs economy
BNN Bloomberg
Prices paid by U.S. consumers rose in September by more than forecast, resuming a faster pace of growth and underscoring the persistence of inflationary pressures in the economy.
Prices paid by U.S. consumers rose in September by more than forecast, resuming a faster pace of growth and underscoring the persistence of inflationary pressures in the economy.
The consumer price index increased 0.4 per cent from August, according to Labor Department data released Wednesday. Compared with a year ago, the CPI rose 5.4 per cent, matching the largest annual gain since 2008.
Excluding the volatile food and energy components, so-called core inflation rose 0.2 per cent from the prior month.
A combination of unprecedented shipping challenges, materials shortages, high commodities prices and rising wages have sharply driven up costs for producers. Many have passed some portion of those costs along to consumers, leading to more persistent inflation than many economists -- including those at the Federal Reserve -- had originally anticipated.
The pickup in price growth seen last month reflected higher food and shelter costs. Meantime, measures of used cars and trucks, apparel and airfares cooled.
