Consumer prices rose 8.2% in September compared with a year earlier, the government said Thursday. On a month-to-month basis, prices increased 0.4% from August to September after having ticked up 0.1% from July to August.
PUBLISHED 8:41 AM ET Oct. 13, 2022Inflation in the United States accelerated in September, with the cost of housing and other necessities intensifying pressure on households, wiping out pay gains that many have received and ensuring that the Federal Reserve will keep raising interest rates aggressively.
Thursday's report represents the final U.S. inflation figures before the Nov. 8 midterm elections after a campaign season in which spiking prices have fueled public anxiety, with many Republicans casting blame on President Joe Biden and congressional Democrats. "Inflation has swollen families' grocery bills, rents and utility costs, among other expenses, causing hardships for many and deepening pessimism about the economy despite strong job growth and historically low unemployment," Biden added. "But even with this progress, prices are still too high. Fighting the global inflation that is affecting countries around the world and working families here at home is my top priority.
"Republicans in Congress’ number one priority is repealing the Inflation Reduction Act," Biden said, warning: "That’s the exact wrong thing to do in this moment. If Republicans take control of Congress, everyday costs will go up – not down." Minutes from the Fed's most recent meeting in late September showed that many policymakers have yet to see any progress in their fight against inflation. The officials projected that they would raise their benchmark rate by an additional 1.25 percentage points over their next two meetings in November and December. Doing so would put the Fed's key rate at its highest level in 14 years.
Walmart has said it will offer steep discounts on such items as toys, home goods, electronics and beauty. Target began offering holiday deals earlier this month.
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