Inflation Is Stubbornly High And Seeping Into Services

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Inflation will not go gentle into that good night. The September Consumer Price Inflation (CPI) report came in “hot” – meaning prices rose faster than forecasters expected – and financial markets are reacting negatively. 

Overall, the CPI index rose 8.2% year-over-year, which is down slightly from recent months, primarily because of falling gasoline prices. The less volatile “core” CPI index – which strips out food and energy prices – was decidedly worse, rising 6.7% from a year ago. That “core” increase is a 40-year high – not good at all on the surface, but it’s worse when you dig in.

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