10.18.2016
According to the Bureau of Labor Statistics the Consumer Price Index for all urban consumers (CPI-U) increased 0.3 percent in September on a seasonally-adjusted basis. Increases in housing and gasoline were the main causes behind the rise in the all-items index. Excluding the volatile costs of food and energy the so-called core prices rose 0.1 percent.
Overall prices have risen 1.5 percent over the last 12 months; while still a sluggish pace historically it registered the largest gain in any 12-month period since October 2014; driven largely by housing and health care costs. Core prices rose 2.2 percent over the same period.
Gasoline prices depressed for much of the past two years are starting to rise again as oil markets rebound. The gasoline index rose 5.8 percent in September and accounted for more than half of the all-items increase.
The Federal government will use the data from this report to determine how much to increase federal benefits for millions of Americans who receive Social Security checks. Benefits will rise 0.3 percent next year under an annual cost-of-living adjustment that is tied to how much certain prices grew between July and September according to the Social Security Administration.
The full press release can be found via the link below:
Next release is Thursday November 17 2016 for the October 2016 Consumer Price Index.
