Prices consumers pay for a wide variety of goods and services rose more than expected in September as inflation pressures continued to weigh on the U.S. economy.
Another large jump in food prices boosted the headline number. The food index rose 0.8% for the month, the same as August, and was up 11.2% from a year ago.
The rising costs meant more bad news for workers, whose average hourly earnings declined 0.1% for the month on an inflation-adjusted basis and are off 3% from a year ago, according to a separate BLS release.The central bank has raised benchmark interest rates 3 full percentage points since March. Thursday's CPI data likely cements a fourth consecutive 0.75 percentage point hike when the Fed next meets Nov. 1-2, with traders assigning a 98% chance of that move.
How much the higher prices have hurt consumers could be made clearer Friday, when the Commerce Department and Census Bureau release September's retail sales report. The data, which is not adjusted for inflation, is expected to show a monthly increase of 0.3%, and no change when excluding auto sales.
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