Surging gasoline prices accounted for more than half of last month's jump in U.S. inflation

What happened: Surging energy prices drove up U.S. inflation in September, with gasoline accounting for more than half of the monthly rise in the Consumer Price Index, the Bureau of Labor Statistics reported Wednesday. Key numbers: Gasoline rose 9.1% on the month and 34% Y/Y; other motor fuels rose 15.3% on the month and 74% Y/Y; airfares were up 22% Y/Y; electricity rose Why it matters: Some economists said the report is a worrying sign that the Iran war is not just a one-off price shock and that higher inflation is here to stay unless the Federal Reserve raises rates more aggressively.

Surging energy prices drove up U.S. inflation in September, with gasoline accounting for more than half of the monthly rise in the Consumer Price Index, the Bureau of Labor Statistics reported Wednesday.

Some economists said the report is a worrying sign that the Iran war is not just a one-off price shock and that higher inflation is here to stay unless the Federal Reserve raises rates more aggressively.