U.S. consumer prices increased in September amid higher costs for rent and gasoline, but underlying inflation is slowing, supporting financial market expectations that the Federal Reserve would not raise interest rates next month.
Economists polled by Reuters had forecast the CPI gaining 0.3 per cent and climbing 3.6 per cent year-on-year. Inflation remains above the Fed’s 2 per cent target, 18 months after the U.S. central bank started hiking rates. But still-strong demand in the economy, marked by labour market tightness, suggest borrowing costs could remain elevated for some time. The economy created 336,000 jobs in September, the most in eight months and almost double the amount economists had expected in a Reuters survey. The labour market’s resilience is driving core services inflation excluding rents.
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