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U.S. Consumer Prices Outpace Forecast as Inflation Dogs Economy

Economic IndicatorsOct 13, 2021 13:40
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2/2 © Bloomberg. A pedestrian carries shopping bags along the Las Vegas Strip in Las Vegas. Photographer: Roger Kisby/Bloomberg 2/2

(Bloomberg) -- Prices paid by U.S. consumers rose in September by more than forecast, resuming a faster pace of growth and underscoring the persistence of inflationary pressures in the economy.

The consumer price index increased 0.4% from August, according to Labor Department data released Wednesday. Compared with a year ago, the CPI rose 5.4%, matching the largest annual gain since 2008. Excluding the volatile food and energy components, so-called core inflation rose 0.2% from the prior month.

The median estimate in a Bloomberg survey of economists called for a 0.3% monthly gain in the overall measure and a 0.2% advance in the core rate.

A combination of unprecedented shipping challenges, materials shortages, high commodities prices and rising wages have sharply driven up costs for producers. Many have passed some portion of those costs along to consumers, leading to more persistent inflation than many economists -- including those at the Federal Reserve -- had originally anticipated.

The pickup in price growth seen last month reflected higher food and shelter costs. Meantime, measures of used cars and trucks, apparel and airfares cooled.

The report will likely reinforce the Fed’s inclination to soon start tapering its asset purchases, especially as the supply-chain challenges plaguing businesses show little signs of abating. Minutes from last month’s Federal Open Market Committee meeting -- out Wednesday afternoon -- will provide further insight on policy makers’ views toward progress on employment and inflation goals for tapering.

A New York Fed survey out Tuesday showed U.S. consumers’ expectations for inflation continued to rise in September, with 1-year and 3-year expectations accelerating to record highs.

©2021 Bloomberg L.P.

U.S. Consumer Prices Outpace Forecast as Inflation Dogs Economy
 

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Comments (5)
surendra singh
surendra singh Oct 14, 2021 5:54
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mkts still moving up ...
Cedric Cedric
Cedric Cedric Oct 14, 2021 5:10
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China’ppi increased by more rhan 10% , highest rise in 24 years- cost of goods rocketing , it is only a matter of time before cpi catches up with ppi.
Thomas Barnard Linsell
Thomas Barnard Linsell Oct 14, 2021 0:30
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Why would you exclude food, energy or shelter. That's what normal people use every day. Real inflation is running at 15%.
Perfect Lyrics
Perfect Lyrics Oct 13, 2021 14:56
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my dear vip
Rukshan Rukshaa
Rukshan Rukshaa Oct 13, 2021 14:56
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Olue Udegbe
Olue Udegbe Oct 13, 2021 13:58
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okay
Olue Udegbe
Olue Udegbe Oct 13, 2021 13:58
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I love you
Joel Doun Abbey
Joel Doun Abbey Oct 13, 2021 13:58
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Hello gorgeous
 
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