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The Consumer Price Index (CPI) rose 8.2% between September 2021 and September 2022, according to a Thursday report from the Bureau of Labor Statistics, surpassing expectations despite harsh contractionary policy from the Federal Reserve and boding poorly for Democratic prospects in the midterm elections.
The month-to-month increase of 0.4% exceeded analysts’ forecasts, while core inflation — which factors out the more volatile food and energy categories — reached 0.6% against an estimate of 0.4%. Despite energy costs falling in some categories, a 0.8% surge in food prices and a 0.7% increase in shelter prices contributed to the headline number.
“Given elevated costs for food, home heating, and health care, the budgets of many may remain constrained next year,” Bankrate senior economic analyst Mark Hamrick said in a statement provided to The Daily Wire.
The Dow Jones Industrial Index fell 1.7% as trading began on Thursday morning, while the Nasdaq and the S&P 500 fell 3% and 2.2%, respectively.
Year-over-year inflation in September was essentially unchanged since the previous month’s reading of 8.3%. Lower energy costs produced a moderation from the 9.
