Gasoline rises consumer prices in US| MENAFN.COM

Wednesday, 07 December 2022 10:26 GMT

Gasoline rises consumer prices in US


(MENAFN) The US consumer prices have shown the most increase in 8 months, in September, as prices of gasoline increased in the hurricane-related production distributions at oil refineries in the Gulf Coast.

A senior economist at BMO Capital Markets in Toronto said: "The firmness in retail sales should override the enduring mystery of low inflation to spur a December Fed rate hike."

According to the Labor Department, the Consumer Price Index rose 0.5% in September after progressing 0.4% in August.

Prices of gasoline rushed 13.1% in Sep. accounting for 75% of the rise in the CPI.

Chief economist at Naroff Economic Advisors in Pennsylvania said: "The sudden increase in retail demand is likely to cause third-quarter growth to come in somewhat better than expected before the hurricanes hit."

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