According to a Labor Department report Thursday, the pace of price increases over the past year unexpectedly increased in September as policymakers contemplated interest rates.
The consumer price index, a broad gauge measuring the costs of goods and services across the U.S. economy, increased 0.2% for the month, putting the annual inflation rate at 2.4%. Both readings were 0.1 percentage points above the Dow Jones consensus.
Consumer Prices Surge To New Record High https://t.co/mIvivaILPe
— zerohedge (@zerohedge) October 10, 2024
Excluding food and energy, core prices increased 0.3% on the month, putting the annual rate at 3.3%. Both core readings were also 0.1 percentage points above forecast.
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The Bureau of Labor Statistics said in the release that much of the inflation increase—more than three-quarters of the move higher—came from a 0.4% jump in food prices and a 0.2% gain in shelter costs. That offset a 1.9% fall in energy prices [which is temporary as Biden has our strategic reserves drained or allows Iran to gut the market].
“The Labor Department on Thursday said the consumer price index (CPI) – a broad measure of how much everyday goods like gasoline, groceries and rent cost – rose 0.2% in September from the prior month and was up 2.4% a year ago.
Economists predicted that inflation would slow to… pic.twitter.com/H1Mvhye22i
— Chief Nerd (@TheChiefNerd) October 10, 2024
So, Reuters wrote: US consumer prices rose slightly more than expected in September amid higher food costs, but the annual increase in inflation was the smallest in more than three-and-one-half years, keeping the Federal Reserve on track to cut interest rates again next month.
In other words, it’s the lowest since Biden took office, and it coincidentally happened as the election approaches.
INFLATION: The Biden-Harris regime couldn’t hide the fact inflation is climbing back up once again – likely due to the pressure they applied to the Fed for a pre-election rate cut. Prices are up 21% and earnings are down 3.4%. It is time to turn the page.pic.twitter.com/KCfbl7q46w
— @amuse (@amuse) October 10, 2024
Thank the Democrats, especially Kamala, who can’t stop praising Bidenomics and loves Maduro-style price controls.
BREAKING: Consumer prices rose faster than forecasted last month.
Under the Kamala Harris administration inflation has now risen by 20.54%. America cannot afford four more years of Kamala Harris. pic.twitter.com/oaLiJ2Xrth
— CPAC (@CPAC) October 10, 2024
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