More bad news for American consumers. The prices that they pay for good and services is continuing to spike.
According to the Bureau of Labor Statistics, the Consumer Price Index was up 5.4% year-over-year in the month of September.
The data was slightly worse than expected. Experts had predicted that CPI clock in at 5.3% in September.
Food prices rose 4.6%, while energy rose a whopping 24.1%. The prices of all items except food and energy rose 4.0%, meeting expectations.
Rising prices are becoming a problem for the Federal Reserve. The Fed has thus far maintained that inflation is transitory and caused by temporary supply-chain disruptions.
However, prices have been rising sharply now for six months. The question investors want answered is whether the Fed will be forced to up interest rates in response. And, if that were to occur, the effect on the stock market could be significant.