Consumer Prices Rise on Energy Surge; No Pay Gains |
| CNBC - Oct 16, 2012 |
U.S. consumer prices rose in September as the cost of gasoline surged, posing a threat to consumers' spending power although faster inflation looked unlikely to derail the Federal Reserve's ultra-easy policy path.
The Consumer Price Index increased 0.6 percent last month, in line with analysts' expectations and matching August's reading, data from the Labor Department showed on Tuesday.
Gasoline prices jumped 7 percent in September after climbing 9 percent the prior month. Higher costs at the pump force many American consumers to cut back on other spending.
A measure of underlying inflation, however, was relatively muted. The core CPI, which excludes food and energy prices, increased 0.1 percent for a third month in a row.
In the 12 months to September overall consumer prices increased 2 percent, the fastest pace since April and up from 1.7 percent in August. Core prices also rose 2 percent in the year through September, up a tenth of a point from August's reading.
Read Full Article from CNBC
- Posted: 2012-10-16 13:55:01
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