Consumer prices hit 3.6% in September as oil stays above $100

Economic data released on Wednesday showed that consumer prices rose for the second consecutive month before the November elections.

The Department of Commerce reported that annual inflation reached 3.6% in September. This figure exceeds the 3.4% recorded in August. On a monthly basis, prices climbed 0.5%, which is the highest increase since May.

Oil prices remain a major factor in these figures. Crude oil in the United States continues to trade above $100 per barrel. Before the conflict with Iran, the price was under $70 per barrel. The war has driven up costs for gasoline, which now averages $4.25 per gallon nationally.

President Donald Trump campaigned in 2024 on a promise to lower prices, including a goal to bring gasoline below $2 per gallon. Polling indicates that rising costs have led to a more negative view of the economy among voters.

Inflation also increased when volatile energy and food categories are excluded. Core inflation rose to 3.1% for the year. From August to September, these underlying prices increased by 0.3%, matching the growth rate from the previous month.