US consumer inflation up 2.4% annually in September, slowing from 2.5% in August

By Ovunc Kutlu

ISTANBUL (AA) - Consumer inflation in the US annually rose 2.4% in September, the slowest annual increase since February 2021, according to data released Thursday.

The consumer price index (CPI), which measures changes in the prices of goods and services from consumers’ perspective, also showed a slowdown from the annual gain of 2.5% seen in August.

The figure, however, came higher than market estimates of a 2.3% increase, while it is also a sharp decline from the 9.1% annual gain recorded in July 2022 that was the highest since November 1981.

On a monthly basis, CPI showed an increase of 0.2% in September, and also came higher than market expectations of a 0.1% gain.

That figure showed a monthly increase of 0.2% in August.

"The shelter index increased 4.9 percent over the last year, accounting for over 65 percent of the total 12-month increase in the all items less food and energy index," the Labor Department's Bureau of Labor Statistics said in a statement.

"The energy index decreased 6.8 percent over the past 12 months. The gasoline index fell 15.3 percent over this 12-month span, and the fuel oil index fell 22.4 percent over that period," it added. "In contrast, the index for electricity increased 3.7 percent over the last 12 months, and the index for natural gas rose 2.0 percent."

Core CPI, which excludes volatile food and energy prices, gained 0.3% in September from the previous month, also coming in higher than market estimates of 0.2%, and following a 0.3% increase in August.

Annually, core CPI climbed 3.3% in September, also coming in higher than market expectations of 3.2%, and slightly accelerating from a 3.2% year-on-year gain recorded in August.