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| Photo by Karolina Grabowska |
In September 2023, the inflation rate in the United States held steady at 3.7%, contrary to market expectations of a slight decrease to 3.6%. This resilience was attributed to a milder decline in energy prices, which offset decelerating inflation in other sectors.
Energy costs experienced a 0.5% drop, following a 3.6% decrease in August, primarily due to a rebound in fuel prices. Additionally, the rate of price increases softened for various categories: food (3.7% compared to 4.3%), new vehicles (2.5% compared to 2.9%), apparel (2.3% compared to 3.1%), medical care commodities (4.2% compared to 4.5%), shelter (7.2% compared to 7.3%), and transportation services (9.1% compared to 10.3%). Costs for used cars and trucks, as well as medical care services, continued to decline.
The core Consumer Price Index (CPI), which excludes the volatile food and energy sectors, slowed to 4.1%, marking its lowest reading since September 2021. On a monthly basis, consumer prices increased by 0.4%, showing a decrease from the 0.6% gain in August but surpassing market expectations of 0.3%. Meanwhile, the core rate remained unchanged at 0.3%.
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