US Inflation Rises to 3.7% Amid Record Diesel Prices
US inflation rose to 3.7%. Consumer prices increased 0.6% from August.
Axios reported the annual inflation rate rose from 3.4% to 3.7%. The annual core inflation rate also rose from 2.4% to 2.6%.
MarketWatch called diesel prices record and said they helped fuel inflation. The Financial Times and MSNBC linked price rises to the Iran war.
Prices rose across broad parts of the economy in September. MSNBC said high energy costs from the war hit many consumer categories.
The Associated Press said supply shocks drove much of inflation. This included the war disrupting oil and gas supplies.
The reports showed pressures beyond diesel alone. The Financial Times expects grocery prices to rise as fuel costs climb.
Food manufacturers warned of an impact on consumers before the midterm elections. MSNBC said gas and diesel prices are squeezing consumers.
The Financial Times said a fuel cost rebound added pressure on voters. MarketWatch said Thursday would bring more clues about diesel's impact.
Key Terms 3
- core inflation Inflation rate that leaves out food and energy prices.
- supply shocks Sudden drops in the amount of goods or fuel available.
- midterm elections US elections for Congress held halfway through a president's term.