‘The inflation outlook has become more concerning’: Incomes declined 0.3% and consumer prices jumped 3.6% in September as midterms loom
Source: Fortune ·
Polls show that the rise in inflation has soured most voters on the economy, leading them to give President Donald Trump poor marks.
From the source
An inflation gauge closely monitored by the Federal Reserve accelerated last month, showing that prices remain elevated less than a week before midterm elections in which the uncomfortably high cost of living for millions of Americans has become a central issue. Consumer prices rose 3.6% in September from a year earlier, the Commerce Department said Thursday, up from 3.4% in August. On a monthly basis, prices climbed 0.5%, up from 0.3% in August and the highest figure since May. Rising gas prices drove much of the inflation increase as renewed violence in the Middle East has kept oil prices above $100 a barrel, up from below $70 before the Iran war. But prices also rose outside of fuel costs. The cost of services such as shipping, hotel rooms, and utilities increased rapidly from August to September, a sign that inflation is spreading and growing more entrenched. “The inflation outlook has become more concerning,” Ksenia Bushmeneva, an economist at TD, a bank, wrote in a commentary…
BestAIBroker analysis
- Finance-aware sentiment: negative (-0.50 on a -1 to +1 scale).
- Event classification: GUIDANCE.
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