WASHINGTON: The U.S. Labor Department said on Thursday that the consumer price index rose 0.4% last month after gaining 0.1% in August. The data showed that consumer prices in the U.S. increased more than expected in September.
Reports said that underlying inflation is being largely driven by higher costs for rental accommodation.
Gasoline prices have likely bottomed after last week’s decision by the Organization of Petroleum Exporting Countries and allies to reduce oil production. The trend of high inflation and a tight labor market allow the U.S. central bank to maintain its aggressive monetary policy stance for a while.
Media reports said that the government last week reported solid job growth in September, with the unemployment rate falling back to a pre-pandemic low of 3.5% from 3.7% in August.
