by Christopher Freeburn | October 16, 2012 1:54 pm
Rising gas prices forced U.S. consumers to pay more last month.
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 just 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.
Source URL: http://investorplace.com/2012/10/september-consumer-prices-rise-on-higher-gas-prices/
Short URL: http://invstplc.com/1fJibkY
Copyright ©2014 InvestorPlace Media, LLC. All rights reserved. 700 Indian Springs Drive, Lancaster, PA 17601.