{"id":6606,"date":"2026-10-14T19:53:22","date_gmt":"2026-10-15T02:53:22","guid":{"rendered":"https:\/\/abovecloud.xyz\/?p=6606"},"modified":"2026-10-14T19:53:37","modified_gmt":"2026-10-15T02:53:37","slug":"inflation-jumps-to-3-7-as-gas-and-diesel-prices-squeeze-consumers-ahead-of-the-midterms","status":"publish","type":"post","link":"https:\/\/abovecloud.xyz\/?p=6606","title":{"rendered":"Inflation jumps to 3.7% as gas and diesel prices squeeze consumers ahead of the midterms"},"content":{"rendered":"
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\n \t<\/i> Read Time:<\/span>3 Minute, 39 Second <\/div>\n\n <\/div>\n

It\u2019s the final CPI report before November\u2019s midterm elections. Consumers and business owners have said they will be voting with the cost of living in mind.<\/p>\n\n\n\n

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Prices rose across broad swaths of the U.S. economy in September as high energy costs triggered by the Iran war pushed up prices in many major consumer categories.<\/p>\n\n\n\n

The Bureau of Labor Statistics said Wednesday that overall prices rose 3.7% from a year ago and 0.6% from August. Categories including housing, clothing, and restaurant and takeout food all saw price increases. Only three major categories saw price declines: groceries, medical care commodities and utility gas service.<\/p>\n\n\n\n

\u201cThe index for gasoline rose 9.1 percent in September, accounting for over half of the monthly all items increase,\u201d the BLS wrote in its report<\/a>.<\/p>\n\n\n\n

The report adds to ongoing concerns that persistent inflation is taking a toll on consumers, particularly as wage growth has been stagnant. As of September, the growth in wages was pacing at 3% on an annual basis. Paychecks have not grown faster than inflation since March.<\/p>\n\n\n\n

The overall increase was slightly more than had been expected by economists polled by Dow Jones, who forecast a jump to 3.6%.<\/p>\n\n\n\n

Core inflation, which excludes food and energy prices, also rose to 2.6% from a year ago, or 0.3% from August. This was also slightly more than had been expected.<\/p>\n\n\n\n

Wednesday\u2019s number is the final inflation report before November\u2019s pivotal midterm elections, in which business owners and consumers have said they will be voting with their bottom line in mind.<\/p>\n\n\n\n

\u201cThis was a disappointing number,\u201d Kevin Hassett, director of the National Economic Council, said on Fox Business. Still, he maintained that \u201ca lot of Trump policies are helping to keep inflation down.\u201d<\/p>\n\n\n\n

Since August, oil prices have risen to more than $106 per barrel from about $80. The price of unleaded gas, which most consumers use, has risen 45% since late February, when the United States and Israel launched the Iran war. The price of diesel, which powers businesses, farms, the shipping industry and other critical sectors, has soared 70% over the same period.

As early voting kicks off this week, the data also comes at a precarious moment for Republicans defending majorities in the House and the Senate. Polls consistently find that inflation and the high cost of living are top issues this year for voters in both parties.<\/p>\n\n\n\n

Stocks fell sharply Wednesday. Before the data, market odds showed that traders had expected the Federal Reserve to wait until December to raise rates. After the data, odds rose above 55% for an October hike.<\/p>\n\n\n\n

The Nasdaq Composite closed down 1.8%, and the S&P 500 tumbled 1.1%. The Russell 2000 index, which tracks small and medium-size companies, slid 1.9%. The stocks that sold off the most were interest rate sensitive, such as those in the technology and industrial sectors, which are involved in the ever-expanding AI data center build-out.

The prospect of a rate hike also helped send bond yields higher early, but yields that have the greatest influence over consumer borrowing rates had returned to a flat line by the end of the day.<\/p>\n\n\n\n

A Fed rate hike could add even more pressure to consumers, raising the cost of other forms of credit such as credit cards, personal loans and vehicle loans.<\/p>\n\n\n\n

The artificial intelligence boom also reared its head last month, as categories that track the price of computers, software and accessories posted record year-over-year price increases.<\/p>\n\n\n\n

Ahead of Wednesday\u2019s report, economists had been watching recent price hikes on Apple products and whether they have an impact on the overall inflation figure. The smartphone category rose 0.4% month over month.<\/p>\n\n\n\n

Airline fares were also being closely watched, given soaring jet fuel costs. Prices in that category rose 0.2% from August, posting their smallest increase since June.<\/p>\n\n\n\n

Despite elevated prices and consumers who say they are being stretched to the limit, data shows that spending has remained strong.<\/p>\n\n\n\n

On Wednesday, Bank of America CEO Brian Moynihan said that customers continued to spend at a pace 5% higher than last year.<\/p>\n\n\n\n

\u201cWhile much has been made of the AI boom, the consumer is still driving much\u201d of the economy\u2019s momentum,\u00a0Citigroup CEO Jane Fraser said Tuesday<\/a>.

Reprinted from NBC News<\/p>\n

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