Key facts
- Energy prices drove a 3.7% annual inflation rate in September.
- CPI rose 0.6% month-on-month, the largest increase in five months.
- Fuel oil prices are up 74.2% year-over-year.
- Real average hourly earnings have declined for six consecutive years.
US inflation accelerated in September, with the Consumer Price Index rising 0.6% from the previous month and 3.7% year-over-year. This increase was primarily driven by surging energy prices, including gasoline and fuel oil, which saw a 74.2% year-over-year jump. Airfares also increased significantly. Food prices remained stable month-on-month but are up 2.5% annually. Core inflation, excluding food and energy, rose 0.3% in September and 2.6% annually. Real average hourly earnings have fallen for six consecutive years, returning to levels seen at the start of President Trump's second term.