Little sign of relief expected in September inflation data.
WASHINGTON — Inflation 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 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.
Inflation in services is being fueled mainly by steady consumer demand and higher labor costs. Both Delta and American Airlines, for example, reported strong revenue and profit growth this week, driven by increased demand from travelers. Airfares rose a brisk 0.8% from August to September. — are having to rapidly raise wages to attract the workers they need. Those higher labor costs, in turn, are often passed on to consumers in the form of higher prices.
by The Associated Press-NORC Center for Public Affairs Research. Roughly 46% of people now describe their personal financial situation as poor, up from 37% in March. That sizable drop contrasts with the mostly steady readings that had lasted through the pandemic. Large retailers, too, have started offering early discounts for the holiday shopping season, after having amassed excess stockpiles of clothes, furniture and other goods earlier this year. Those price cuts might have lowered inflation in September or will do so in the coming months. on such items as toys, home goods, electronics and beauty. Target began offering holiday deals earlier this month.
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