US CPI rises by 3.7% YoY in September

October 12, 2023 (MLN) The U.S. consumer price index (CPI) for the month of September 2023 rose by 3.7% YoY, similar to the YoY numbers in August, the latest data issued by the U.S. Bureau of labor statistics on Thursday showed.

Similarly, on a sequential basis, US CPI has increased by 0.4% MoM as compared to 0.6% in the previous month.

Over the last 12 months, the all-items index increased by 3.7% before seasonal adjustment.

Moreover, Core CPI increased by 4.1% YoY as compared to an increase of 4.3% in the previous month, marking its lowest reading since September 2021.

Core CPI increased by 0.3% MoM as compared to an increase of 0.3% in August.

Meanwhile, CPI in the last year, September 2022 stood at 8.2% YoY, showing that the Federal Reserve with its fast-paced rate hikes and balance sheet reductions has been successful in curbing inflation to some extent.

However, it still remains above the country's 2% inflation goal.

CPI is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services.

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