September Consumer Prices Rise on Higher Gasoline

by Christopher Freeburn | October 16, 2012 1:54 pm

Rising gas prices forced U.S. consumers to pay more last month[1].

The Labor Department announced on Tuesday that its Consumer Price Index rose 0.6% in September. That matched economists forecasts, Reuters noted.

A 7% spike in gas prices pushed overall consumer prices higher last month. But gas prices rose more slowly than in August, when they posted a 9% increase.

Food prices increased 0.1% in September, while clothing rose 0.3% and new car prices declined 0.1%.

The “core CPI,” which exclude volatile items like food and fuel, posted its third consecutive monthly increase of justĀ 0.1%.

Over the last year, consumer prices are up 2%. That’s an increase from a yearly rise of 1.7% recorded two months ago.

The relatively low rate of inflation is unlikely to deter the Federal Reserve from additional efforts to stimulate the sluggish U.S. economy.

Endnotes:
  1. pay more last month: http://economywatch.nbcnews.com/_news/2012/10/16/14479006-higher-gas-prices-lift-consumer-inflation-06-percent?lite

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