US Inflation Exceeds Worker Pay for Third Month
US consumer prices rose 0.6 percent in September, outpacing a 3 percent increase in average hourly earnings. The ongoing inflation surge has pushed living costs higher and driven gas prices up 34 percent over the past year.
United States consumer prices rose 0.6% in September, outstripping a 3% annual increase in average hourly earnings for the third straight month. The Labor Department report showed annual inflation reached 3.7%, remaining well above the Federal Reserve's 2% target. The data arrives as policymakers weigh their next interest rate decision ahead of an October meeting.
Energy costs drove the advance, led by a 9.1% month-over-month surge in gasoline prices. Brent crude futures trade at $106 per barrel, while West Texas Intermediate hovers near $96 amid supply disruptions stemming from conflict involving Iran, Russia, and Ukraine .
