WASHINGTON (AP) — An inflation gauge that is closely monitored by the Federal Reserve showed price increases remained elevated in September amid brisk consumer spending and strong economic growth.
Friday’s report from the Commerce Department showed that prices rose 0.4% from August to September, the same as the previous month. And compared with 12 months earlier, inflation was unchanged at 3.4%.
Since March 2022, the central bank has raised its key rate from near zero to roughly 5.4% in a concerted drive to tame inflation. Annual inflation has tumbled from the 9.1% peak it reached in June of last year. Excluding volatile food and energy costs, “core” prices increased 0.3% from August to September, above the 0.1% uptick the previous month. Compared with a year earlier, though, core inflation eased to3.7%, the slowest rise since May 2021 and down from 3.8% in August.
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