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SaltWire's Atlantic regional weather forecast for October 12, 2023 | SaltWireWASHINGTON - U.S. consumer prices increased in September amid higher costs for rent and gasoline, but underlying inflation is slowing, supporting financial market expectations that the Federal Reserve would not raise interest rates next month.
The core CPI gained 4.1% year-on-year in September after advancing 4.3% in August. The government reported on Wednesday that producer prices increased 0.5% in September, lifted by higher gasoline and food prices, though underlying inflation pressures at the factory gate continued to abate. Violence in the Middle East is also seen discouraging the Fed from tightening monetary policy further, though it has led to Treasury yields pulling back from 16-year highs. Since March 2022, the Fed has raised its benchmark overnight interest rate by 525 basis points to the current 5.25%-5.50% range.
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