"Higher energy costs fueled U.S. consumer prices in September, but overall inflation remained in check as it has for the past several years.
The Labor Department said Tuesday that consumer prices increased 0.3 percent last month. Much of that rise stemmed from energy, housing and prescription drugs. Energy costs surged 2.9 percent in September as oil and gasoline prices rebounded from recent lows. Previous price declines still mean that gas costs 6.4 percent less than a year ago.
Inflation has stayed relatively low despite job growth that has brought more workers into the economy. Until last month, the modest levels of inflation largely came from muted oil prices and a stronger dollar.
Core inflation, which excludes the volatile categories of food and energy, rose 0.1 percent.
Prices fell last month for cars and clothing. But they increased 0.4 percent for shelter costs, which make up roughly a third of the consumer price index.
Over the past 12 months, core inflation has increased 2.2 percent. But the entire consumer price index has risen at a gradual yearly pace of 1.5 percent, undershooting the Federal Reserve's 2 percent target for inflation."
Works Cited
Arkansas Online
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