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United States Inflation September 2022

United States: Inflation drops to lowest level since February in September

Inflation came in at 8.2% in September, down from August’s 8.3%. September’s figure marked the lowest inflation rate since February. The figure was largely driven by rising prices for housing.

Annual average inflation rose to 7.9% in September (August: 7.7%). Meanwhile, core inflation rose to 6.7% in September, from the previous month’s 6.3%, marking a multi-decade high.

Lastly, consumer prices increased 0.39% in September over the previous month, accelerating from August’s 0.12% rise and above market expectations.

The upshot of the September data is that price pressures remain sticky despite substantial Fed tightening this year. The September figures are likely to reaffirm the Fed’s aggressive stance; our panelists see over 100 basis points of rate hikes by end-2022.

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