Inflation heated up in September as energy prices soared, according to the latest Consumer Price Index data.
Annual inflation jumped to 3.7%, accelerating from 3.4% in August and outpacing economists' expected 3.6% jump. On a monthly basis, prices rose 0.6% in September from 0.4% a month earlier.
Gas prices were a particularly large contributor to September's inflation figures, rising 9.1%. Average prices at the pump hit a record $4.33 last month, according to AAA data, nearly $0.50 above the previous monthly record set in 2023.
"Core" inflation, which strips out volatile food and energy prices and is watched more closely by Federal Reserve officials, was also hotter than expected, rising 2.6% annually, up from 2.4% in August. Monthly core inflation was unchanged from August's higher-than-expected 0.3% but also came in above the expected 0.2%.
Claire Boston is a Senior Reporter for Yahoo Finance covering housing, mortgages, and home insurance.
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This article originally appeared on Yahoo Finance at https://finance.yahoo.com/economy/article/high-gas-prices-pushed-cpi-inflation-to-37-in-september-123558806.html