U.S. CPI Rises 2.4% YoY in September, Exceeding 2.3% Estimate; Core CPI at 3.3%, Jobless Claims Hit 258K

Oct 10, 2024, 12:35 PM

The U.S. Consumer Price Index (CPI) for September 2024 rose by 2.4% year-over-year, exceeding analysts' expectations of a 2.3% increase. This marks a decrease from the previous month's annual rate of 2.5%. On a month-over-month basis, the CPI increased by 0.2%, higher than the anticipated 0.1%. Core CPI, which excludes food and energy prices, also surpassed forecasts, rising 3.3% year-over-year against an expected 3.2%, and increasing 0.3% month-over-month, compared to a forecast of 0.2%. The report indicates that food prices were a significant contributor to the inflation rise, with food costs increasing by 0.4% month-over-month. Additionally, initial jobless claims rose to 258,000, higher than the expected 231,000, marking the highest level since June 2023. These inflation figures may influence the Federal Reserve's future interest rate decisions.