US inflation climbed to 3.7% in September as gasoline prices surged
Why it matters: The jump raises pressure on the Federal Reserve as officials watch whether higher energy costs spill into food and core prices.
US consumer inflation accelerated to 3.7% in the year through September, topping expectations as a sharp rise in gasoline prices drove much of the increase. The Bureau of Labor Statistics said vehicle fuel prices rose 34.2% from a year earlier and 9.1% in September alone, accounting for more than half of the monthly inflation pickup. Overall energy prices increased 20.4% over the year, with fuel oil up 74.2% and higher costs for electricity and energy services also adding pressure. Food prices were flat in September and up 2.5% from a year earlier, while core inflation, which excludes food and energy, was 2.6%.