US inflation was higher than forecast in September, raising the prospect of Federal Reserve entering rate hike cycle again.
The consumer price index (CPI) rose 3.7% on year, according to the Bureau of Labor Statistics (BLS), continuing with the pace of previous month. The number is slightly higher with economists' expectations.
However, core inflation, which excludes volatile energy and food prices, remained steady at 0.3% month-on-month (MoM) meeting analysts' estimates. Core inflation edged down from 4.3% to 4.1% on a year-on-year (YoY) basis.
Data released by Labor department showed US job growth surged in September with nonfarm payrolls increasing by 336,000 jobs last month.
Data for August reflected 227,000 employment additions, an increase of 40,000 from the previous estimate, and July's gain increased from 157,000 to 236,000. The two months as a whole exceeded earlier estimates by 119,000.
First Published: Oct 12, 2023 6:49 PM IST