September inflation climbs to 3.7% amid energy surge

The Bureau of Labor Statistics reported on Wednesday that the consumer price index rose 3.7% in September from a year earlier, up from 3.4% in August. Core CPI, which excludes food and energy, increased to 2.6% in September from 2.4% in August.

Economists attribute the uptick largely to higher gasoline and energy prices, with gasoline prices rising 9.1% in September and diesel prices up 68% from pre‑war levels. The Iran war has pushed oil prices up, affecting fuels and other goods.

The inflation reading comes less than a month before the midterm elections, and economists say it may prompt the Fed to raise its benchmark interest rate in upcoming policy meetings, potentially influencing mortgage and auto loan rates. Consumer sentiment has also dipped to a multiyear low, adding pressure on households.

Read the full story at cnbc.com.