I need a 100 word summary of this article please do not rewrite the article but summarize it in different words. Document Preview: Consumer prices in the United States recorded their biggest gain in...

I need a 100 word summary of this article please do not rewrite the article but summarize it in different words.


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Consumer prices in the United States recorded their biggest gain in five months in September as the cost of gasoline and rents surged, pointing to a steady buildup of inflation that could keep the Federal Reserve on track to raise interest rates in December. The Labor Department said on Tuesday that its  HYPERLINK "http://topics.nytimes.com/top/reference/timestopics/subjects/c/consumer_price_index/index.html?inline=nyt-classifier" \o "More articles about the Consumer Price Index." Consumer Price Index  HYPERLINK "http://www.bls.gov/news.release/cpi.nr0.htm" increased 0.3 percent last month after rising 0.2 percent in August. In the 12 months through September, the index rose 1.5 percent, the biggest year-on-year increase since October 2014. It rose 1.1 percent in the year to August. “Today’s inflation data are not hot enough to put a rate hike up on the table next month, but it is also true the economy is strong enough to generate some inflation pressures,” said Chris Rupkey, chief economist at MUFG Union Bank in New York. Last month’s increase in the price index was in line with economists’ expectations. But underlying inflation showed signs of moderating against the backdrop of a slowdown in the pace of increases in health care costs after recent robust gains. The so-called core C.P.I., which strips out food and energy costs, gained 0.1 percent last month after climbing 0.3 percent in August. That slowed its year-on-year increase to 2.2 percent after a 2.3 percent rise in August. Advertisement  HYPERLINK "http://www.nytimes.com/2016/10/19/business/economy/september-consumer-prices-made-biggest-gain-in-five-months.html?emc=eta1" \l "story-continues-1" Continue reading the main story The Federal Reserve has an inflation target of 2 percent and tracks an inflation measure that is hovering at 1.7 percent. The Fed lifted its short-term interest rate last December and has held it steady since because of persistently low inflation. Last month, gasoline...



May 13, 2022
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