Inflation clocked in worse than expected at 8.2% for the 12 months ending in September according to the consumer price index, bad news for the country’s economic health.
The much-anticipated numbers reported by the Bureau of Labor Statistics on Thursday revealed that while it ticked down by one-tenth of a percentage point, inflation is still higher than anticipated and defying the Federal Reserve's aggressive interest rate hikes.
Worse, "core inflation," which strips out volatile food and energy prices, rose sharply in September. On an annual basis, it rose to a whopping 6.6%, the highest since 1982.
The Thursday morning report is the last such CPI reading before the midterm elections next month and has major implications for Democrats hoping to retain control of Congress. The soaring inflation has eaten into President Joe Biden’s approval ratings as he and Democrats approach the election.
Inflation worse than expected at 8.2% in final preelection report
- by: Zachary Halaschak
- 2019-10-13
- Source:
Washington Examiner
- 10/13/2022
