Rising Gas Prices, Housing Costs Boost Inflation In September
Rising gas prices and housing costs pushed consumer inflation in September by the largest amount in five months—a good sign for the Federal Reserve, which has been on the fence about hiking interest rates in hopes that inflation would rise to 2%.
Within the past year, consumer prices have moved 1.5%, the largest annual gain since late 2014, MarketWatch reports. The consumer price index was up by 0.3% in September, meeting economist expectations. Cost of shelter grew at its fastest pace since May, and energy prices saw the largest increase since the spring. [MW]