US Inflation Rises More Than Expected, Fueled by Higher Rent, Gasoline Costs

Rising rents accounted for more than half of the monthly CPI increase, indicating that price pressures remain persistent.

A woman shops at a supermarket in New York City on Dec. 14, 2022. Yuki Iwamura/AFP via Getty Images

The U.S. annual inflation rate was unchanged at 3.7 percent in September, according to Bureau of Labor Statistics (BLS) data released on Oct. 12. That was slightly above the consensus estimate of 3.6 percent.

Monthly inflation rose by 0.4 percent, which was higher than projected but less than August’s 0.6 percent increase. Rising shelter costs accounted for more than half of the monthly consumer price index (CPI) increase.