It was also up from 6.3 per cent in August, making it the highest increase since 1982…reports Asian Lite News
US consumer inflation soared to a 40-year high as prices continue to rise.
The US Labour Department said on Thursday that core inflation, excluding food and energy prices, rose 6.6 per cent in September from the corresponding period of last year.
It was also up from 6.3 per cent in August, making it the highest increase since 1982.
On a monthly basis, the core retail inflation rose 0.6 per cent in September, according to official data.
US stock futures fell and Treasury yields soared higher after the inflation data topped came out. The dollar also rallied.
Meanwhile, the US annual inflation rate slowed for the third consecutive month to 8.2 per cent in September 2022, which is the lowest in seven months, as compared to 8.3% in August but above market forecasts of 8.1 per cent, according to the Bureau of Labor Statistics.
The energy index increased 19.8 per cent, below 23.8 per cent in August, due to diesel (18.2 per cent vs 25.6 per cent), fuel oil (58.1 per cent vs 68.8 per cent) and electricity (15.5% vs 15.8% which was the highest since 1981). A small slowdown was also seen in the cost of food (11.2 per cent vs 11.4 per cent which was the highest since 1979) and used cars and trucks (7.2 per cent vs 7.8 per cent).
On the other hand, the Bureau of Labor Statistics reported prices for shelter increased faster (6.6 per cent vs 6.2 per cent).
The Dow Jones Industrial Average fell 233 points, or 0.82 per cent. The S&P 500 slipped 1.27 per cent and the Nasdaq Composite slumped 1.94 per cent on Thursday.
The reversal in early gains came after the September consumer inflation report was higher than economists expected.
