Inflation Rose Faster Than Expected in September , As Rent and Food Prices Surge.<br />According to data released by the U.S. Labor Department on Oct. 13, the consumer price index (CPI), a key measure of inflation, rose 0.4% in September.<br />The increase marks the second consecutive month of strong inflation.<br />Over the course of a year, the CPI has risen 8.2%.<br />Economists had only expected the CPI to rise .3% in September and 8.1% for the year.<br />The 4.9% decline in gas prices last month wasn't enough to keep money in consumers' pockets as other expenses continued to climb.<br />The 4.9% decline in gas prices last month wasn't enough to keep money in consumers' pockets as other expenses continued to climb.<br />'The Hill' reports that the Bureau of Labor Statistics attributed last month's increase to surging shelter, food and medical care costs.<br />'The Hill' reports that the Bureau of Labor Statistics attributed last month's increase to surging shelter, food and medical care costs.<br />'The Hill' reports that the Bureau of Labor Statistics attributed last month's increase to surging shelter, food and medical care costs.<br />Without accounting for food and energy costs, consumer prices increased .6%.<br />As gas prices start to climb again due to the OPEC+ announcement that oil production will be cut, inflation remains near a 40-year high.<br />The Fed will likely continue to hike interest rates as it attempts to avoid a recession.
