Ovunc Kutlu
12 October 2023•Update: 12 October 2023
ISTANBUL
Annual consumer inflation in the US came in at 3.7% in September, coming slightly higher than market estimates, according to official figures released Thursday.
The market expectation for the figure was to show a 3.6% increase year-on-year.
The consumer price index (CPI), which measures changes in the prices of goods and services from a consumer's perspective, showed an annual increase of 3.7% in August.
The figure, however, is still a sharp decline from last June's 9.1% yearly gain – the largest since November 1981.
On a monthly basis, CPI rose 0.4% in September from the previous month, also coming slightly higher than market expectations of 0.3%, and following a 0.6% gain in August.
"The index for shelter was the largest contributor to the monthly all items increase, accounting for over half of the increase," said a Labor Department statement. "An increase in the gasoline index was also a major contributor to the all items monthly rise."
Core CPI, which excludes volatile food and energy prices, gained 0.3% in September from the previous month, coming in line with market expectations, after rising 0.3% in August.
Annually, core CPI rose 4.1% in September, also in line with market estimates, following a 4.3% year-on-year gain in August.
"The energy index decreased 0.5 percent for the 12 months ending September, and the food index increased 3.7 percent over the last year," said the statement.
