Inflation heated up in September at a faster pace than expected as rising energy costs kept pressure on prices, bolstering the Federal Reserve’s case for another interest-rate hike this year.
The Consumer Price Index rose 3.7% over the past 12 months, heating up from 3.4% the previous month and above expectations of a 3.6% rise, the Bureau of Labor Statistics said Wednesday. It rose at a 0.6% pace over the month.
Core CPI – which excludes volatile food and energy prices, giving a better look at underlying inflation – also heated up to 2.6%, above 2.4% in August and higher than estimates of a 2.5% rise.
Rising energy costs amid the war in Iran largely drove the inflation reading. The energy index is up 20.4% over the past 12 months.
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