US Inflation Signs Of Cooling Off

US Inflation Lower But No Signs Of Cooling Off in September

US Inflation Signs Of Cooling Off

The US annual inflation rate slowed for the third consecutive month to 8.2 percent in September 2022, which is the lowest in seven months, as compared to 8.3% in August but above market forecasts of 8.1 percent, according to the Bureau of Labor Statistics.

The energy index increased 19.8 percent, below 23.8 percent in August, due to diesel (18.2 percent vs 25.6 percent), fuel oil (58.1 percent vs 68.8 percent), and electricity (15.5% vs 15.8% which was the highest since 1981). A small slowdown was also seen in the cost of food (11.2 percent vs 11.4 percent which was the highest since 1979) and used cars and trucks (7.2 percent vs 7.8 percent).

On the other hand, the Bureau of Labor Statistics reported prices for shelter increased faster (6.6 percent vs 6.2 percent).

Meanwhile, the core rate which excludes volatile food and energy, rose to 6.6 percent, the highest since August of 1982, and above market expectations of 6.5 percent in a sign inflationary pressures remain elevated.

The Dow Jones Industrial Average fell 233 points or 0.82 percent. The S&P 500 slipped 1.27 percent and the Nasdaq Composite slumped 1.94 percent on Thursday.

The reversal in early gains came after the September consumer inflation report was higher than economists expected. (ANI)

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