Inflation jumps to 3.7% as gas and diesel prices squeeze consumers ahead of the midterms

Inflation in September picked back up again after three months of largely stagnating. Overall, prices rose 3.7% from a year ago, and 0.6% from August.

The increase was slightly more than had been expected by economists polled by Dow Jones, which had forecast a jump to 3.6%.

“The index for gasoline rose 9.1 percent in September, accounting for over half of the monthly all items increase,” the Bureau of Labor Statistics said in its report. Other categories where prices increased were housing, clothes and restaurant and take out food.

Only three categories saw price declines: groceries, medical care commodities, and utility gas service.

Friday’s number is the final inflation report before November’s pivotal midterm elections, where business owners and consumers have said they will be voting with their bottom lines in mind.

Since August, oil prices have risen to more than $106 per barrel from about $80. The price of unleaded gas, which most consumers use, has risen 45% since late February, when the Iran war was launched. The price of diesel, which powers businesses, farms, the shipping industry and other critical sectors, has soared 70% over the same period.

As early voting kicks off this week, the data also…

Original source: https://www.nbcnews.com/business