U.S. inflation is running hotter than expected.
The consumer price index rose in September 2.4 percent from a year earlier, the Department of Labor said Thursday. Economists had forecast a 2.3 percent increase in consumer prices after the August reading
Compared with a month earlier, prices rose 0.2 percent. That’s an acceleration from the 0.1 percent recorded in August.
Core CPI, a measure that excludes food and energy prices, rose 0.3 percent for the month. Compared with a year ago, core prices were up 3.3 percent. Economists had forecast the year-over-year figure would rise 3.2 percent, matching the prior month.
Three-quarters of the rise in CPI was due to rising food and shelter prices. Food prices rose 0.4 percent from a month earlier, bringing the annual gain to 2.3 percent. Shelter prices rose 0.2, the smallest gain in several months, and are up 4.9 percent from a year earlier.
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