Consumer prices rose sharply in September.
The consumer price index rose 0.6 percent in September compared with August, driven higher by rising gasoline prices, the Labor Department said Wednesday. Over the year, the consumer price index is up 3.7 percent.
Core prices, a measure that excludes food and energy prices, rose 0.3 percent in September. Compared with a year ago, core prices are up 2.6 percent. That is a decline in year-over-year core inflation from last month’s 2.5 percent.
Economists had forecast CPI would increase by 0.6 percent from the prior month and 3.7 percent from a year ago. Core prices were expected to rise 0.2 percent for the month and 5.2 percent over the past 12 months.
Gas prices rose 9.1 percent in September, which the Labor Department said accounted for over half of the monthly headline increase. The energy index increased 5.2 percent over the month following a 2.1-percent increase in August. For the year, energy prices are up 20.4 percent.
There was some good news for consumers in the grocery aisle. The index for food at home fell 0.1 percent. Prices for dining out rose 0.2 percent.
Electricity prices rose 0.2 percent in September after falling 0.2 percent in August. This follows a 0.1 percent increase in July and a 1.0 percent decline in June. For the year, electricity is 4.4 percent higher.
Apparel prices rose 0.3 percent in September after being flat in August, rising 0.1 percent in July, and falling 0.6 percent in June. For the year, clothing prices are up 3.4 percent.
Shelter prices rose 0.4 percent in September after rising 0.3 percent in August, bringing the yearly gain to 3.2 percent. Rents rose 0.2 percent. Hotel and motel prices jumped 2.0 percent in September after a 2.4 percent rise in August.
Medical care services prices rose 0.3 percent and are up 2.5 percent from a year ago. Medical care goods fell 0.7 percent. These are down 3.3 percent from a year ago. Prescription drug prices declined 1.2 percent for the month after being flat the previous month. They are down 4.5 percent from a year ago. Non-prescription drug prices rose 1.3 percent after falling 1.0 percent the previous month. For the year, they have fallen by 0.9 percent.
Prices of major appliances were unchanged in September after jumping 1.4 percent in August. Compared with a year ago, major appliance prices are down 2.3 percent. Furniture prices fell by 0.8 percent in September after falling 0.9 percent in August. They are down 2.4 percent from a year ago.
Prices of new cars and trucks rose 0.2 percent compared with August. Compared with a year ago, they are up 0.6 percent. Used car and truck prices climbed 0.7 percent after rising 0.4 percent the previous month. Compared with September of last year, however, they are down 1.5 percent.
