US inflation moves higher in September

US inflation moves higher in September

WASHINGTON: US inflation rose in September at the fastest pace in five months, reflecting increases in the prices of fuel and housing, the Labour Department said on Tuesday .The consumer price index rose 0.3 per cent for the month on a seasonally-adjusted basis, matching analyst expectations, according to the department.Over the prior 12 months, the index was up 1.5 per cent, the largest yearly gain since October 2014.A 5.8 per cent rise in gasoline prices accounted for more than half of the monthly increase. Housing rose 0.4 per cent, the largest increase since May.Prices for new and used cars, communications and apparel were down. The costs of medical care and auto insurance moved higher.Excluding food and fuel, where prices are more volatile, the index for September rose only 0.1 per cent but was up 2.2 per cent over 12 months.US monetary policymakers this year have waited for signs of stronger inflation before raising interest rates, but have so far left them unchanged since December at 0.25-0.5 per cent.Ian Shepherdson, chief economist at Pantheon Macroeconomics, said the annual figure was “rocketing.” “We expect to see a 2.5 percent rate by next February, by…

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