U.S. annual inflation rose to 2.8% in September, significantly above the Federal Reserve’s 2% target, according to data released Friday.
The Consumer Price Index (CPI), the Fed’s preferred gauge for tracking inflation, increased from 2.7% in August.
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The report, which was delayed due to the government shutdown, offers the latest key reading on inflation ahead of the Federal Reserve’s interest rate decision next week.
Excluding food and energy, core prices also rose 2.8% year-on-year in September, marking a slight decline of 0.1% compared with August.
The data had little immediate effect on U.S. stock markets at the start of Friday trading. Equities saw modest gains throughout the week, partly driven by expectations that the Federal Reserve will cut interest rates next week.
The Fed has already cut rates in its last two meetings, responding to signs of a cooling labor market. However, it continues to monitor inflation closely amid potential upward pressures from tariffs imposed by President Donald Trump.
