- CPI rose 3.7% year over year in September, up from 3.4% in August, according to the Bureau of Labor Statistics.
- Core CPI, which strips out food and energy, rose to 2.6% in September from 2.4% in August.
- Economists attribute the inflation pickup largely to the Iran war, which pushed up oil and refined fuel prices.
- Economists said the report supports further Fed rate hikes, and a Wells Fargo Investment Institute analysis expects hikes between now and spring 2027.
- The University of Michigan consumer sentiment index fell to its second-lowest reading on record in September.
Quotes
“The overall report shows inflation is uncomfortably strong”
“The war's fingerprints are all over the report”
“That'll be the story for a few more months.”