Inflation hit highest level since January in September

"Inflation reached its highest level since the start of the year in September, according to data released Friday by the U.S. Bureau of Labor Statistics (BLS). The delayed report showed that overall inflation rose to an annual rate of 3.0% in September, the third consecutive month of higher inflation and the highest rate of inflation since January of this year. Compared to a month prior, the index rose 0.3% at a seasonally adjusted pace, down from a 0.4% monthly increase in August."

"The all items less food and energy index also rose 3.0% during the 12-month period ending in September. On their own, energy and food rose 2.8% and 3.1% over the past year, respectively. Month-over-month, the index for gasoline posted the largest increase in September, rising 4.1%. The BLS said this increase was the largest factor driving the monthly jump in the all items index."

"On a monthly basis, the all items less food and energy index rose 0.2% in September. The index for shelter posted a sizable increase, rising 3.6% compared to the year prior. Over the past year, the rent index has risen 3.5%, while the index for owners' equivalent rent jumped 3.8% annually. In comparison to a month ago, the shelter index was up just 0.2%, down from a 0.4% monthly gain in August."

U.S. inflation rose to an annual 3.0% in September, the third consecutive monthly increase and the highest rate since January. The CPI increased 0.3% month-over-month at a seasonally adjusted pace, down from a 0.4% gain in August. Core inflation (all items less food and energy) also rose 3.0% year-over-year while energy and food increased 2.8% and 3.1% respectively. Gasoline prices climbed 4.1% month-over-month and were the largest factor driving the monthly CPI increase. Shelter costs rose 3.6% annually, with rent up 3.5% and owners' equivalent rent up 3.8%; shelter was up 0.2% month-over-month.

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