The news that the Consumer Price Index (CPI) has increased at 2.4% over the prior year for September will not make the Federal Reserve's job any easier when it comes to interest rate decisions.
According to the latest data from the Bureau of Labor Statistics released this morning of 10th October 2024 shows that although consumer price increases ticked lower on an annual basis during September 2024 the important "core" prices remained sticky.
The Consumer Price Index (CPI) increased 2.4% over the prior year in September. That's a slight deceleration compared to August's 2.5% annual gain in prices. The yearly increase came in hotter than economist expectations of a 2.3% annual increase which again makes the Federal Reserve's interest rate decisions difficult - especially given the 'blowout' jobs report just recently.
The index rose 0.2% over the previous month, matching the increase seen in August and also hotter than economists estimates of a 0.1% uptick.
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