US consumer prices rise on gasoline and shelter costs in September
© Reuters. FILE PHOTO: A woman shops for groceries at El Progreso Market in the Mount Pleasant neighborhood of Washington, D.C., U.S., August 19, 2022. REUTERS/Sarah Silbiger/File Photo/File Photo
In the 12 months through September, the CPI advanced 3.7% after rising by the same margin in August. Year-on-year consumer prices have come down from a peak of 9.1% in June 2022.Excluding the volatile food and energy components, the CPI rose 0.3%. Used motor vehicle prices fell, but the cost of shelter increased amid costly rents. The so-called core CPI increased 0.3% in August.
Financial markets overwhelmingly anticipate the Fed will leave rates unchanged at its Oct. 31-Nov. 1 policy meeting, according to CME Group's FedWatch Tool. That conviction found support from comments by top ranking Fed officials on Monday that soaring yields on long-term U.S. government bonds could steer the central bank away from further rate hikes.
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