US consumer prices tick higher in September

US consumer prices increased in September, according to the Bureau of Labor Statistics' closely watched consumer price index.

Source: Sharecast

Headline CPI rose 0.3% month-on-month, down from 0.4% in August, while the annual rate rose from 2.9% to 3%, the highest it’s been since January, with food index being the largest contributor to the monthly increase, while energy prices rose 2.8%.

Core CPI, which strips out volatile food and energy prices, actually slowed from 3.1% to 3%.

The Federal Reserve's preferred inflation gauge was seen as being particularly important this month, given the lack of federal data being released amid the ongoing government shutdown.

September's CPI, which was originally scheduled to be released on 15 October, will be the last piece of economic data released before the Federal Reserve's two-day policy meeting next week, with market participants widely expecting the central bank to lower its benchmark overnight interest rate by another 25 basis points.

Reporting by Iain Gilbert at Sharecast.com

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