US inflation accelerates as food and fuel costs rise before midterms

Summarised from 2 outlets · Updated 14 Oct, 16:51 · Archive

US consumer prices are expected to have risen 3.7 per cent in September, driven by higher food and fuel costs.

US consumer prices are expected to have accelerated to 3.7 per cent in September, up from 3.4 per cent in August, as food and gasoline costs surge. This marks the largest monthly price jump since April, according to Independent World. The figures highlight ongoing inflationary pressures that have drifted upward since a conflict began in late February.

Inflation has fallen sharply from a peak of 9.1 per cent in 2022 but remains elevated heading into midterm elections. On a monthly basis, prices are forecast to rise 0.6 per cent from August to September. Core inflation, which excludes volatile food and energy categories, is expected to have increased 2.5 per cent in September from a year ago, up slightly from 2.4 per cent in August, though this remains closer to the Federal Reserve's 2 per cent target.

The continued price growth presents challenges for congressional Republicans and for the Federal Reserve, which is legally mandated to maintain price stability. Food manufacturers have warned of the impact on consumers, according to the Financial Times. Only 26 per cent of US adults approve of President Trump's overall economic performance, marking a new low according to a poll by the Associated Press-NORC Center for Public Affairs Research.

How it is being reported

• US grocery prices poised to climb as soaring fuel costs drive inflationFood manufacturers warn of impact on consumers ahead of midterm electionsFinancial Times · 14 Oct, 15:14
• Trump faces fresh economic nightmare as food and gas prices soar before midtermsConsumer prices likely surged in September, driven by rising gasoline and food costs, and adding to a string of unfavorable developments for President Donald TrumpIndependent World · 14 Oct, 10:45

In this story: Donald Trump · United States · Federal Reserve · Associated Press-NORC Center for Public Affairs Research

This summary was written by AI from the headlines and standfirsts above, and states as fact only what at least two outlets report. How we use AI · Report a problem