SIMONE DEL ROSARIO: MONTHLY INFLATION JUST KEEPS CLIMBING. SEPTEMBER CONSUMER PRICES OUT TODAY SOARED HIGHER THAN EXPECTED. A RISE OF 0.4% ON THE MONTH IS THE FASTEST PACE SINCE JUNE, AND PUTS OVERALL ANNUAL INFLATION AT 8.2%, JUST A HAIR LOWER THAN AUGUST, AND A HAIR ABOVE WHERE ECONOMISTS EXPECTED. MONTHS AGO, WE COULD BLAME FOOD AND ENERGY FOR A LOT OF INFLATION, BUT HERE’S A HEADLINER FOR YOU. STRIP FOOD AND ENERGY OUT OF THE MIX, AND CORE INFLATION IN SEPTEMBER WAS AT 6.6%, THE LARGEST ANNUAL PRICE INCREASE IN FOUR DECADES. THE SHELTER INDEX IS HELPING DRIVE THAT, ALSO AT 6.6%. A FEW AREAS DID SEE PRICE DECLINES, ENERGY PRICES CONTINUE TO EASE, ALONG WITH USED CARS. WHILE APPAREL AND PRESCRIPTION DRUGS FELL SLIGHTLY LAST MONTH. BUT THIS INFLATION IS PROVING STUBBORN IN SPITE OF MONETARY SQUEEZES BY THE FED, WHICH IS EXPECTED TO CONTINUE AGGRESSIVELY HIKING RATES. MEANWHILE, BECAUSE OF PAINFUL INFLATION, SOCIAL SECURITY PAYMENTS WILL RISE BY 8.7% NEXT YEAR, THE LARGEST BOOST IN DECADES. I’M SIMONE DEL ROSARIO IN NEW YORK IT’S JUST BUSINESS.
Tags: Bureau of Labor Statistics, Energy, Federal Reserve, Inflation, Oil, Stock Market, U.S. Economy