The price index for goods advanced 0.7 percent in September, following a 0.4 percent decline in August. The government attributed 30 percent of that increase to a 5.3 percent increase in gasoline prices.
The indexes for diesel fuel, jet fuel, and residential natural gas also moved higher. Energy prices as a whole were up 2.5 percent, after a 0.8 percent decline in August, and food prices rose 0.5 percent, after a 1.6 percent the previous month.
Excluding the food and energy categories, prices rose 0.2 percent last month and, excluding food, energy and trade services, so-called core prices were up 1.5 percent for the 12 months ended in September — the largest annual gain since November 2014 though still short of the Federal Reserve’s 2 percent inflation target.
As The Wall Street Journal reports, weak inflation is one factor that has held back the Fed from raising its benchmark interest rate since December.
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