Oct. 12 (UPI) — Consumer prices were on the rise in September as housing and fuel prices climbed, the U.S. Bureau of Labor Statistics reported Thursday.
Consumer Price Index inflation was up by a seasonally adjusted 0.4% in September, while consumer prices over the past 12 months rose 3.7% before seasonal adjustment.
Shelter inflation was the largest driver of consumer inflation for September, making up more than half the increase. Gasoline costs were “a major contributor to the all items monthly rise,” according to the BLS.
Core CPI, which excludes volatile food and energy prices, was up 0.3% in September, matching the August numbers.
Consumers faced higher prices for rent, owners’ equivalent rent, lodging away from home, motor vehicle insurance, recreation, personal care, and new vehicles. Used vehicles and clothing prices were down in September.
For all consumer items minus food and energy, the annual CPI inflation rate was 4.1% over the last 12 months. For food alone, counting both at home and away from home, the annual rate inflation was 3.7%.
Grocery inflation was up 2.4% over the last 12 months. Cereals and bakery goods were up 4.8% while dairy and related products prices dropped 0.2% over the year.
Utility piped natural gas prices have dropped 19.9% over the past 12 months while used vehicle prices are down 8% from 12 months ago.
Wholesale inflation as measured by the Producer Price Index rose by 0.5% in September, according to a Bureau of Labor Statistics report released Wednesday. That’s down from the annual PPI inflation of 8.5% in Sept. 2022.
PPI prices for goods were up 0.9% in September while wholesale prices for services were up 0.3%.
The CPI report is based on prices of food, clothing, shelter, fuels, transportation, doctors’ and dentists’ services, drugs, and other goods and services that people buy for day-to-day living.
Prices are collected each month in 75 urban areas across the country from about 6,000 housing units and approximately 22,000 retail establishments.
