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U.S. Consumer Prices Outpace Forecast as Inflation Dogs Economy

Economic IndicatorsOct 13, 2021 08:36AM ET
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© Bloomberg. A pedestrian carries shopping bags along the Las Vegas Strip in Las Vegas. Photographer: Roger Kisby/Bloomberg

(Bloomberg) -- Prices paid by U.S. consumers rose in September by more than forecast, resuming a faster pace of growth and underscoring the persistence of inflationary pressures in the economy.

The consumer price index increased 0.4% from August, according to Labor Department data released Wednesday. Compared with a year ago, the CPI rose 5.4%, matching the largest annual gain since 2008. Excluding the volatile food and energy components, so-called core inflation rose 0.2% from the prior month.

The median estimate in a Bloomberg survey of economists called for a 0.3% monthly gain in the overall measure and a 0.2% advance in the core rate.

A combination of unprecedented shipping challenges, materials shortages, high commodities prices and rising wages have sharply driven up costs for producers. Many have passed some portion of those costs along to consumers, leading to more persistent inflation than many economists -- including those at the Federal Reserve -- had originally anticipated.

The pickup in price growth seen last month reflected higher food and shelter costs. Meantime, measures of used cars and trucks, apparel and airfares cooled.

The report will likely reinforce the Fed’s inclination to soon start tapering its asset purchases, especially as the supply-chain challenges plaguing businesses show little signs of abating. Minutes from last month’s Federal Open Market Committee meeting -- out Wednesday afternoon -- will provide further insight on policy makers’ views toward progress on employment and inflation goals for tapering.

A New York Fed survey out Tuesday showed U.S. consumers’ expectations for inflation continued to rise in September, with 1-year and 3-year expectations accelerating to record highs.

©2021 Bloomberg L.P.

U.S. Consumer Prices Outpace Forecast as Inflation Dogs Economy
 

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Comments (21)
James Pattison
James Pattison Oct 13, 2021 12:20PM ET
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Inflation is the goal… it makes the poor destitute and government reliant… and it doesnt hurt the rich… we are watching the destruction of the middle class…
Jokers R Us
Jokers R Us Oct 13, 2021 12:20PM ET
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watched*
Iyarin Boonnum
Iyarin Boonnum Oct 13, 2021 10:37AM ET
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Economy is going to *******because to much QE. Free money for institutions to speculate every assets.
TARA CHAND AGRAWAL
TARA CHAND AGRAWAL Oct 13, 2021 10:37AM ET
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31 the
ben sc
ben sc Oct 13, 2021 10:19AM ET
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M2 money supply increased almost 30% in a year. Biden illegally instructing the IRS to send out the child tax credit as a payment is also contributing. Economic illiterates can't fathom that more dollars chasing the less goods is a bad thing, particularly for low income earners. Sure you get $300/month but when housing increased 20% and used cars 30% are you really getting ahead? Real inflation is into double digits.
Jokers R Us
Jokers R Us Oct 13, 2021 10:19AM ET
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"biden" isn't doing anything stop saying this.
Terry Barker
Terry Barker Oct 13, 2021 10:12AM ET
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The jab flu will cause more shortages as workers are fired. This is not temporary.
Olga Haldemann
Olga Haldemann Oct 13, 2021 10:07AM ET
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Why do I feel their minutes will be hard to interprete. I only wonder, where will gold be headed after shaking a little. I suddenly can't tell. I only presume that for a real hike tapering has to be excluded from plans and declared as canceled for now and untill further notice. In every other case, gold will follow downwards.Who thinks different?
Pratt Man
Pratt Man Oct 13, 2021 10:06AM ET
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Why would Trump sell oil drilling rights in Alaska to China? Thank God Joe Biden cancelled that deal.
ben sc
ben sc Oct 13, 2021 10:06AM ET
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never happened
Pratt Man
Pratt Man Oct 13, 2021 10:06AM ET
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All the data is right within range of the past 10 years. Maybe the analysts are wrong. Good job Joe Biden. Oil is a global problem unrelated to any pipeline under construction. Europa and Asia has it worse.
ben sc
ben sc Oct 13, 2021 10:06AM ET
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'Eternally Wrong'by Pratt Man
James Pattison
James Pattison Oct 13, 2021 10:06AM ET
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The fed omitted the top 32% and lowest 24% price increases in the cpe… they manipulated the data… Dr Burry indicates this…
Josh Davis
Josh Davis Oct 13, 2021 10:06AM ET
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James Pattison liberals cant read reports lol see their covid ideas and mandates as evidence.
Tyrone Jackson
Tyrone Jackson Oct 13, 2021 9:47AM ET
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You liberals voted for Biden. What did you expect? Low oil prices? Haha He killed the Keystone pipeline his first day. Basically creating the energy crisis in the EU. All of that cheap natural gas from Canada just got choked out of the market. Now Putin is your supplier. How is that lefties? And the poor of the US pays the same $ per gallon as the 150k a year guys. How is the 4$ a gallon gas college students? - see you at 5 LONG Wti since 35. Thank you liberals- such a easy trade$$$$$
Olga Haldemann
Olga Haldemann Oct 13, 2021 9:47AM ET
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It looks like who ever wants to win presidential, needs to organise the lowest oil prices. That's all it takes :)
ben sc
ben sc Oct 13, 2021 9:47AM ET
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it is true, incumbents have always done this historically as it's a bellwether for a strong economy. Read it.
Jokers R Us
Jokers R Us Oct 13, 2021 9:47AM ET
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80 million votes for a ***career politician is the biggest scam ever implemented on the American population
Roger Miller
Roger Miller Oct 13, 2021 9:38AM ET
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They keep trying to blame inflation on everything and anything except the truth, the insane amount of money printed.
Jokers R Us
Jokers R Us Oct 13, 2021 9:38AM ET
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it's not money though
Abhijeet Ramachandrran
Abhijeet Ramachandrran Oct 13, 2021 9:21AM ET
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Indian CPI is lesser
Fred Diebold
Fred Diebold Oct 13, 2021 9:09AM ET
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They took out the cost of energy in the inflation figures to make it seem lower. Putting energy back into the equation and inflation is well over 24%.
Hanna Christin
Hanna Christin Oct 13, 2021 9:09AM ET
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CPI and Core CPI are two different things...
Millennial Metals
Millennial Metals Oct 13, 2021 9:02AM ET
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Time to buy gold stocks. The fed has lost all control
Nicholas Segalle
Nicholas Segalle Oct 13, 2021 8:59AM ET
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TrAnSiTOry
Emmanuel Jabin
Emmanuel Jabin Oct 13, 2021 8:59AM ET
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you just have to love how the media and the Fed uses the word "Transitory" to deceive the masses. High Inflation is here to stay. Lol
Iyarin Boonnum
Iyarin Boonnum Oct 13, 2021 8:59AM ET
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Emmanuel Jabin Transitory to the next decade🤣🤣
CrackHead Bob
CrackHead Bob Oct 13, 2021 8:58AM ET
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Funny how they choose to remove the trillion dollar food and energy markets from the equation, that's where the inflation is much more clear...
mad god
mad god Oct 13, 2021 8:58AM ET
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there is a difference between CPI and core CPI....
Saroop Calvete
Saroop Calvete Oct 13, 2021 8:58AM ET
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The core CPI is useless from a personal perspective as millions of lower income people are the most impacted by higher energy and food prices.
Pratt Man
Pratt Man Oct 13, 2021 8:57AM ET
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if earnings don't match the rise in inflation, then inflation is temporary. My guess is that inflation now is not caused by insane demand but rather supply chain issues globally, and that will be resolved.
James Pattison
James Pattison Oct 13, 2021 8:57AM ET
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Your guess is wrong… fed injecting 120 billion a month… they are intentionally trying to inflate to lower debt liability which is unsustainable…
Josh Davis
Josh Davis Oct 13, 2021 8:57AM ET
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So we had supply chain issues for what a year now and we still cant get it fixed jesus dude its pathetic wake up.
Josh Davis
Josh Davis Oct 13, 2021 8:49AM ET
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Whats real inflation? I cant tell my truck to run on air because of crazy gas prices or my family to starve because of insabe price increases with food….
Joey Takach
Joey Takach Oct 13, 2021 8:49AM ET
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Millennial Metals tell that to the independent truck driver delivering goods to retail stores next time you can’t find what you want at your local Target.
Darrell Peterson
Darrell Peterson Oct 13, 2021 8:49AM ET
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Don't worry about starving , plenty of government cheese programs.
Josh Davis
Josh Davis Oct 13, 2021 8:49AM ET
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Millennial Metals let me know when tesla become practical and can pull my stuff ok lol
michael engel
michael engel Oct 13, 2021 8:47AM ET
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TP shortages, truck drivers shortages ==> when gas is $4 Class 8 trucks cost too much.  F150 40 gallons tank twice a month create drivers and blue collar workers shortages. Without JP stimulus Black Friday will be a bust.
Jokers R Us
Jokers R Us Oct 13, 2021 8:47AM ET
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where are the blue collar riots and protests? Nothing will change until the people impacted guarantee that their voices are heard.
Wankel YU
Wankel YU Oct 13, 2021 8:45AM ET
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Powell still not make his 101b yet, 199 Big Mac don't mean, he need to stop buying bond and resume normal interest rate.
Jokers R Us
Jokers R Us Oct 13, 2021 8:45AM ET
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two weeks
Muhammed Festo
Muhammed Festo Oct 13, 2021 8:45AM ET
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good
TheEnd IsNigh
TheEnd IsNigh Oct 13, 2021 8:43AM ET
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Despite this "duh" news, it's still only part of the picture. Lies, dam*ed lies, and statistics.
Eric Gatch
Eric Gatch Oct 13, 2021 8:41AM ET
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Biden is senile
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Tre Hsi
Tre Hsi Oct 13, 2021 8:41AM ET
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Pilot TwoFive  as I said in the previous post, if they are so incompetent, how do they managed to gather bipartisan support to steal the election?  so what did that say about Trump's team who as the incumbent can't figure out how to win the election???
Saroop Calvete
Saroop Calvete Oct 13, 2021 8:41AM ET
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HelliumStar ..  Hi team is evil and neoMarxist.
Tre Hsi
Tre Hsi Oct 13, 2021 8:41AM ET
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Saroop Calvete  really, feel free to point out any Biden policies that fit the neoMarxist label.....that's assuming you know what neoMarxist really means
Miriam Morkhul
Miriam Morkhul Oct 13, 2021 8:41AM ET
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Nationalizing enterprize through hedge funds and banks, call for UBI will happen, critical race theory in public schools and government agencies.
Jokers R Us
Jokers R Us Oct 13, 2021 8:41AM ET
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the perfect globalist puppet, a completely corrupted individual with plenty of dirty secrets to blackmail and he has no idea what's going on while the people around make all the decisions
 
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