A Fed‑watched inflation gauge accelerated in September, keeping price pressures
elevated less than a week before U.S. midterm elections. The U.S. Commerce
Department said consumer prices rose 3.6% YoY in September versus 3.4% in
August; prices rose 0.5% MoM, up from 0.3% in August and the largest monthly
gain since May. Core inflation, excluding volatile energy and food, also
accelerated. Higher oil and gasoline after the Iran conflict have worsened
annual inflation; U.S. crude remains above $100/bbl versus under $70
pre‑conflict and the national average gasoline price is about $4.25/gal. Polls
show the inflation rebound has left most voters dissatisfied with the economy
and Trump’s handling of living costs; Trump has pledged during his 2024 campaign
to lower prices, including gasoline below $2/gal.
