Federal Reserve's official announcements and meeting minutes

U.S. September CPI Rises 2.4% YoY, 0.2% MoM; Core CPI at 3.3% YoY, 0.3% MoM

Oct 10, 2024, 12:33 PM

The U.S. Consumer Price Index (CPI) for September 2024 rose 2.4% year-over-year, exceeding expectations of 2.3% and down from 2.5% in the previous month. Core CPI, which excludes food and energy prices, increased by 3.3% year-over-year, also surpassing the forecast of 3.2% and up from 3.2% prior. On a month-over-month basis, headline CPI rose 0.2%, while Core CPI increased 0.3%, both above their respective estimates of 0.1% and 0.2% and unchanged from the prior month. The data indicates a slight uptick in inflation, driven primarily by increases in shelter and food prices, which contributed over 75% of the monthly increase. The report also highlighted a significant rise in jobless claims, which reached 258,000, compared to the expected 231,000, suggesting a weakening labor market. This combination of higher-than-expected inflation and rising unemployment may complicate the Federal Reserve's monetary policy decisions.