Inflation rose to 3.7 percent in September: BLS

Inflation edged up in September after holding steady the previous month, according to new data from the U.S. Bureau of Labor Statistics. The consumer price index rose 0.6% in September and increased 3.7% year over year versus 3.4% in August. The monthly figure slightly exceeded expectations of a 0.5% rise, while the annual rate was forecast at 3.6%. Gas prices jumped 9.1% in September, contributing more than half of the monthly increase, with energy prices up 5.2%. Costs remain elevated amid the Iran-related war, and the data arrives ahead of the FOMC’s decision.