WASHINGTON: US consumer prices increased in September amid a surprise surge in rental costs, but a steady moderation in underlying inflation pressures...
US consumer prices increased in September amid a surprise surge in rental costs, but a steady moderation in underlying inflation pressures supported financial market expectations that the Federal Reserve would not raise interest rates next month.
Higher US Treasury yields and conflict in the Middle East are also likely to discourage the Fed from tightening monetary policy further. Petrol prices rose 2.1% after accelerating 10.6% in August. Food prices climbed 0.2% for a third straight month. Excluding the volatile food and energy components, the CPI rose 0.3%, matching August’s gain. Owners’ equivalent rent, a measure of the amount homeowners would pay to rent or would earn from renting their property, shot up 0.6%.
The so-called core CPI was also lifted by a 3.7% rise in the cost of lodging away from home, which ended three straight monthly declines. There were increases in the costs of motor vehicle insurance, recreation, personal care, new vehicles as well as household furnishings and operations.
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