(FOX BUSINESS) – U.S. inflation accelerated last month and remained at its highest rate in over a decade, with price increases from pandemic-related labor and materials shortages rippling through the economy.
The Labor Department said last month’s consumer-price index, which measures what consumers pay for goods and services, rose to 5.4% from a year earlier, in unadjusted terms. That is the same rate as in June and July as the economy reopened, and slightly higher than in August. The so-called core price index, which excludes the often-volatile categories of food and energy, in September climbed 4% from a year earlier, the same rate as in August.
On a monthly basis, the CPI rose a seasonally adjusted 0.4% in September from August, also faster than in August.
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