Consumer prices rose 8.2% in September compared with a year earlier.
Inflation in services is being fueled mainly by steady consumer demand and higher labor costs. Both Delta and American Airlines, for example, reported strong revenue and profit growth this week, driven by increased demand from travelers. Airfares rose a brisk 0.8% from August to September.
Prices are accelerating even as some of the supply chain problems bedeviling many manufacturers are easing. Core goods prices, which sent inflation higher last year, were unchanged last month. Minutes from the Fed’s most recent meeting in late September showed that many policymakers have yet to see any progress in their fight against inflation. The officials projected that they would raise their benchmark rate by an additional 1.25 percentage points over their next two meetings in November and December. Doing so would put the Fed’s key rate at its highest level in 14 years.
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