THE BARE STORY
U.S. consumer prices rose 3.7% in September from a year earlier, up from 3.4% in August, according to government data. Core inflation, which excludes food and energy, increased to 2.6% from 2.4%.
Gasoline prices climbed 9.1% during September and accounted for more than half of the monthly increase in consumer prices. Gasoline prices were about 34% higher than a year earlier. National average prices on Wednesday were about $4.33 a gallon for gasoline and roughly $6.30 for diesel.
The inflation rate remains above the Federal Reserve’s 2% target. The central bank raised interest rates in September, and economists said the latest data increased expectations of further rate increases aimed at slowing price growth.
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