HomeFinancial MarketsConsumer Prices Rise 3.7%, Exceeding Forecasts

Consumer Prices Rise 3.7%, Exceeding Forecasts

The Consumer Price Index released by the Bureau of Labor Statistics on Thursday showed that inflation rose by 0.4% in September compared to the previous month and 3.7% on a year-over-year basis. This is a slowdown from August’s 0.6% month-over-month rise and exactly in line with August’s 3.7% annual rise.

The year-over-year rise marginally exceeded analysts’ expectations of a 0.3% monthly rise and a 3.6% yearly increase. On a “core” basis, which excludes volatile items including food and gas, rose 4.1% from the last year as well as 0.3% on a monthly basis. This is a slowdown from August’s 4.3% yearly rise.

Viewing the Federal Reserve’s next moves, economists at Capital Economics observed that, “overall, there is nothing here that will convince Fed officials to hike rates at the next FOMC meeting. We continue to expect a more rapid decline in inflation and weaker economic growth to result in rates being cut much more aggressively next year than markets are pricing in.”

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