September Consumer Prices Rise on Higher Gasoline

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.

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