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Inflation rose to a 2.2 percent annual rate in September, the Bureau of Labor Statistics reported Friday, thanks to a spike in gasoline prices driven by hurricane disruption.
Gas prices rose 13 percent in the month and accounted for three-fourths of the total monthly increase in inflation, according to the agency. On the year, energy prices are up roughly 20 percent.
Forecasters - Damage - Energy - Infrastructure - Hurricanes
Forecasters had expected that the damage to energy infrastructure caused by Hurricanes Harvey, Irma, and Maria would push inflation in the Consumer Price Index up from its previously rate of 1.9 percent in August.
Rising inflation is welcome from the perspective of the Federal Reserve, which has been surprised by inflation running below its target for most of the year. The central bank targets 2 percent inflation, although it uses a different gauge than the Consumer Price Index.
Friday - Report - Bag - Inflation - Increase
Nevertheless, Friday's report is a mixed bag. Although it shows inflation rising, much of that increase is clearly attributable to supply-side factors such as problems in gasoline distribution. There are fewer signs of what...
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