US battle with inflation is far from over as CPI is higher than expected

Prices for groceries, gasoline, rent and many other consumer goods and services have risen faster than expected over the past month, the US Labor Department said on Thursday.

The CPI rose 0.4% in September, beating the Dow Jones’ 0.3% estimate.

Inflation rose 8.2% for the year ended September, down from 8.3% in the previous month and below the 9% peak in June. Yet inflation is stubbornly hovering around a 40-year high. The Federal Reserve has hiked interest rates five times this year and has signaled it plans more hikes to curb inflation.

Excluding gas and groceries, prices rose 6.6%, the fastest rate since 1982.

Shares initially fell after the report was released but recovered in afternoon trade.

At around 1 p.m. ET, the Dow Jones Industrial Average was up 681.12 points, or 2.33%, to 29,891.97. The S&P 500 was up 66.71 points, or 1.86%, to 3,643.74 and the Nasdaq Composite was up 128.65 points, or 1.23%, to 10,545.75. US battle with inflation is far from over as CPI is higher than expected

Fry Electronics Team

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