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US inflation figures hit their highest levels in 8 months

13 Oct 2017 03:29 PM

US inflation figures rose in September to their highest level in eight months, with the consumer price index up by 0.5%, after rising by 0.4% in August. The rise is the largest since January, and the index rose on a yearly basis to 2.2% in September from 1.9% in August.

Rising gasoline prices were the biggest contributor to this rally, reaching their highest level since June 2009, following hurricanes that affected the oil production of refineries in the Gulf of Mexico. Prices rose by 13.1% last month, which is estimated at 75% of the increase in consumer prices in general.

Excluding volatile elements food and energy prices, the CPI rose by 0.1% in September, after rising by 0.1%in August. On a yearly basis, the Core CPI rose by 1.7%.

Consumer price readings are likely to worry Fed officials, and the Core Personal Consumer Expenditure Price Index, the Fed's preferred indicator of inflation, remains below 2% for more than 5 years.

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