U.S. Inflation Rises to 3.7% as Gasoline Prices Surge
publishers 56articles 64first reported 2 Oct, 10:02 UTCdeveloping since 3 Oct · 28 editions
U.S. inflation accelerated more than expected in September as higher gasoline and other energy costs pushed up consumer prices, according to Bureau of Labor Statistics data released Wednesday.
The consumer price index rose 3.7% from a year earlier, up from 3.4% in August and slightly above economists’ forecast of 3.6%. Gasoline prices jumped 9.1% from August and accounted for more than half of the monthly increase. Compared with a year earlier, gasoline was 34.2% more expensive and overall energy prices were up 20.4%.
Core inflation, which excludes volatile food and energy prices, increased to an annual rate of 2.6% from 2.4% in August, also exceeding forecasts. Shelter, used vehicles and airline fares contributed to underlying price pressures. Food prices were unchanged during September and rose 2.5% over the year.
The acceleration comes after Middle East conflict disrupted energy supplies and drove up oil and transportation costs. AAA data cited by ABC News and CBS News put the national average gasoline price at about $4.33 a gallon, compared with less than $3 before the Iran war, while diesel averaged $6.29.
The report prompted traders to increase bets on another Federal Reserve interest-rate rise. The Irish Times reported that futures markets placed the probability of an October increase at about 45%, up from 22% before the inflation figures were released.
HOW THIS STORY WAS MADE
Written from 8 articles, 8 with the publisher's own text; 8 independent newsrooms once syndicated copies count as one; this version written 288 h after the record first saw the story; the editor kept it as written.
- Publishers
- 56
- Source articles
- 64
- Given to the writer
- 8, 8 with the article's own text
- Independent newsrooms
- 8
- This version written
- 288 h after the record first saw the story
- Second model (editor)
- kept as written
- Publication gate
- passed
- Human review
- none
WHAT THE EDITOR DID
The second model checked the writer's draft against the same sources and published it as written.
Written by a language model from the sources above, then checked by a second model that may only cut, attribute or correct. How it works →