The Biden economy continues to squeeze Americans on everyday items.
According to a report released by the Labor Department Thursday morning, the consumer price index, a broad measure of the price for everyday goods including gasoline, groceries and rents, rose 0.4% in September from the previous month. Prices climbed 8.2% on an annual basis.
Not good news for the Federal Reserve.
From Fox News:
Those figures were both higher than the 8.1% headline figure and 0.2% monthly increase forecast by Refinitiv economists, a worrisome sign for the Federal Reserve as it seeks to cool price gains and tame consumer demand with an aggressive interest rate hike campaign.
In an even more concerning development that suggests underlying inflationary pressures in the economy remain strong, core prices – which strip out the more volatile measurements of food and energy – climbed 0.6% in September from the previous month. From the previous year, core prices jumped 6.6%, the fastest since 1982.
More from Fox News:
BREAKING: Inflation soars more than expected in September https://t.co/LQwFrcnoKd
— Fox News (@FoxNews) October 13, 2022