Inflation excluding food and energy rises to 3.1% in September
An inflation gauge closely monitored by the Federal Reserve accelerated in September, with consumer prices rising 3.6% from a year earlier, the Commerce Department said Thursday.
Prices remain elevated less than a week from the midterm elections, in which affordability concerns have become a central issue.
That was 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.
Excluding the volatile energy and food categories, inflation also picked up. Core prices rose 3.1% from a year ago in September, up from 3% in August.
From August to September, core prices rose 0.3%, the same as the previous month.
Annual inflation has worsened since the Iran war caused spikes in oil and gas prices. U.S. oil prices still top $100 a barrel, up from less than $70 before the war.
The sustained price pressures have become a central issue in the campaign’s final days. Polls show that the rise in inflation has soured most voters on the economy and President Donald Trump’s handling of rising costs.
Trump campaigned in 2024 on reducing prices, including bringing the cost of gas below $2 a gallon. Gasoline currently averages about $4.25 a gallon nationwide.