Economy

Core inflation in the US rose to 6.6% in September and reached its highest level since 1982

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Core inflation in the U.S. accelerated to 6.6% in September 2022, reaching its highest level in 40 years. This type of inflation does not consider changes in food and energy prices, according to the U.S. Department of Labor website.

The last time analysts recorded such high values for core inflation in the U.S. was in August 1982. The benchmark U.S. consumer price index rose 0.6 percent in September, repeating the average growth rate seen in the last month of the summer.

U.S. Core Inflation Rate — what is happening to the world’s leading economy?

In contrast, the annual average inflation rate slowed to 8.2% by the end of September. In previous months, the rate was 8.3% and 8.5%, respectively. Prices rose 0.4% in September after rising 0.1% in August, analysts with the U.S. Labor Department pointed out.

The biggest increases for the first month of autumn were in medical services (+1%), food (+0.8%) and real estate (+0.7%). At the same time, the cost of gasoline in the country during this time has decreased by 4.9%.

However, in annual terms, there was a sharp increase in energy prices (+19.8%) and food (+11.2%). It is connected with the strengthening energy crisis in the world, said in the material.

October 11 analysts at S & P Global Market Intelligence worsened the forecast for the U.S. economy in 2023. According to their expectations, the country will face a recession in the fourth quarter of 2022. The GDP of the United States may decline by 0.5% by the end of 2023.

Earlier we reported that European authorities want to rent floating power plants in the energy crisis.

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