Inflation cooled for a sixth straight month in September, dropping to its lowest level since February 2021.
According to the Bureau of Labour Statistics, the headline figure for the Consumer Price Index fell to 2.4% year-over-year, slightly above economist expectations of 2.3%.
Additionally, core CPI rose to 3.3% as expected, a tad above expectations.
Compared to last month, headline prices were up 0.2%, more than expected, while core prices rose 0.3% — also slightly above forecasts.
Here is the introduction from the BLS summary, which leads with the seasonally adjusted monthly data:
The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.2 per cent on a seasonally adjusted basis, the same increase as in August and July, the U.S. Bureau of Labour Statistics reported today.
Over the last 12 months, the all items index increased 2.4 per cent before seasonal adjustment.
The index for shelter rose 0.2 per cent in September, and the index for food increased 0.4 per cent. Together, these two indexes contributed over 75 per cent of the monthly all items increase.
The food at home index increased 0.4 per cent in September, and the food away from the home index rose 0.3 per cent over the month. The energy index fell 1.9 per cent over the month after declining 0.8 per cent the preceding month.
The index for all items less food and energy rose 0.3 per cent in September, as it did the preceding month.
Indexes that increased in September include shelter, motor vehicle insurance, medical care, apparel, and airline fares. The indexes for recreation and communication were among those that decreased over the month.
The all items index rose 2.4 per cent for the 12 months ending September, the smallest 12-month increase since February 2021.
All items, less food and energy index, rose 3.3 per cent over the last 12 months.
The energy index decreased 6.8 percent for the 12 months ending September.
The food index increased 2.3 per cent over the last year.
Stay ahead with the latest updates! Join The ConclaveNG on WhatsApp and Telegram for real-time news alerts, breaking stories, and exclusive content delivered straight to your phone. Don’t miss a headline — subscribe now!
