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US consumer prices rose in September, while core inflation fell to its lowest level in two years

Core inflation increased by 4.1pc in September, slowed by the US Federal Reserve's tightening of target rates to reduce prices in energy, food, shelter, and new vehicles.

US consumer prices rose in September, while core inflation fell to its lowest level in two years

US consumer prices rose by an annual 3.7 percentage point in September, slightly above most forecasts, despite core inflation slowing to its lowest in two years. Core inflation, which excludes volatile food and energy prices, rose at a 4.1 percentage point pace, slowing from a 4.3 percentage point rate in the period through August.

The US Federal Reserve has hiked its target rate to 5.25-5.5 percentage points since March 2022, its steepest tightening since the 1980s, to slow the economy and reduce prices. Services less energy services rose at a 5.7 percentage point rate, down from a 5.9 percentage rate in the period through August. The energy index fell by 0.5 percentage point for the 12 months ending September, while the food index increased 3.7 percentage points over the last year. Inflation slowed to 0.4 percentage points in September from 0.6 percentage points in August.

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