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US inflation still high despite third consecutive drop

Core inflation accelerated to 6.6% y/y, from 6.3% in August
Core inflation accelerated to 6.6% y/y, from 6.3% in August
Core inflation accelerated to 6.6% y/y, from 6.3% in August
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14th 十月 2022
inflation, United States, Fed, CPI

Consumer inflation in the US decelerated for the third month in a row in September, easing by 0.1pp to 8.2% y/y. According to the latest data from the US Bureau of Labor Statistics, the consumer price index (CPI) recorded a monthly increase of 0.4%, higher than the expected 0.2%.

Core inflation accelerated to 6.6% y/y, from 6.3% in August

Core inflation, which excludes volatile food and energy prices, accelerated to 6.6% y/y, from 6.3% in August. This translated into a 0.6% m/m increase. The energy component of the CPI dropped below 20% y/y for the first time since March 2021 and stood at 19.8%. Food inflation remained almost unchanged, at 11.2% y/y. 

The latest consumer inflation stats signal that more interest rate hikes are to be expected from the Federal Reserve. This sentiment is also backed by the tight US labour market which also stimulates more hawkish behaviour from the Fed. 

Further data and analysis on the US economy are available on the CEIC US Economy in a Snapshot – Q3 2022 Report.

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United States
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14th 十月 2022 US inflation still high despite third consecutive drop