Inflation hit 3 percent in September as energy prices squeezed households
(The Hill) – Annual inflation rose to 3% in September as a jump in gasoline and energy prices pushed price growth to its highest level since January.
The consumer price index (CPI) rose 0.3% last month and 3% over the 12-month span ending in September, according to data released Friday by the Bureau of Labor Statistics. (BLS).
The September inflation report, which was delayed by the ongoing government shutdown, is the first federal economic data released since funding lapsed on Oct. 1.
Economists expected inflation to hit 3.1% in September after months of prices rising steadily, due in part to Trump’s tariffs, with a monthly gain of 0.4%.
Annual inflation as measured by the CPI dropped from 3% in January to 2.4% in March, but spiked back up to 2.9% by August.
Businesses are also hiring far fewer workers than in recent years, pushing the unemployment rate higher and millions of Americans into deeper financial pain.
The combination has brought Trump’s ratings on the economy down to historic lows. Just 38% of voters approve of Trump’s handling of the economy, while 57% of voters said they disapproved, according to a Quinnipiac University survey released Wednesday. It is the lowest level he’s received since February 2017.
In a Friday statement, White House press secretary Karoline Leavitt nevertheless called the inflation report “good news for American families,” highlighting that it came in slightly lower than expectations.”
Leavitt added that “it’s a shame the Democrats are using them as ‘leverage’ to fund health care for illegal aliens. Democrats choosing to keep the government closed will likely result in no October inflation report, which will leave businesses, markets, families, and the Federal Reserve in disarray.”
