Soaring food and energy prices pushed US inflation to 13-year high

Consumer price index in the United States increased by 5.4% on an annual basis in September and 0.4% compared to August. The more than expected increase was driven by surging energy prices and acceleration in food prices compared to the previous month, while prices of used cars, one of the main drivers of inflation this year, declined.

Consumer price index in the United States increased by 5.4% on an annual basis in September

On an annual basis, energy prices soared by 24.8% y/y and the growth of food prices accelerated by 4.6%, the highest rate since 2008.

The core inflation, excluding energy and food prices, remained stable at 4% y/y, the same level as in August. Core inflation in the US peaked at 4.17% y/y in June 2021 and decelerated to its current levels since then.

Further data and analysis on the US economy are available on the CEIC US Economy in a Snapshot – Q3 2021 report.