WAM
14 Oct 2022, 03:06 GMT+10
NEW YORK, 13th October (WAM) -- A U.S. Labour Department report said that consumer prices rose more than expected last month as rents hiked by the most since 1990 and the cost of food also increased.
The development comes to reinforce projections that the Federal Reserve will introduce a fourth 75-basis-point interest rate hike next month.
The data followed on the heels of last week's strong employment report, which showed solid job gains in September and a drop in the unemployment rate to a pre-pandemic low of 3.5 percent, Reuters reported.
Food prices increased 0.8 percent, with the cost of food at home advancing 0.7 percent amid rises in all six major grocery store food groups. Owners' equivalent rent, a measure of the amount homeowners would pay to rent or would earn from renting their property, shot up 0.8 percent, the largest increase since June 1990.
The hefty jumps offset a 4.9 percent decline in petrol prices. But petrol prices have likely bottomed following last week's decision by the Organization of Petroleum Exporting Countries and allies to cut oil production.
Get a daily dose of Central Coast News news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Central Coast News.
More InformationNEW YORK CITY, New York: Bitcoin surged to a new all-time high this week, buoyed by growing institutional interest and a wave of pro-crypto...
SHENZHEN, China: As global chip competition intensifies, Huawei Technologies is exploring new markets in the Middle East and Southeast...
LONDON/NEW YORK CITY: American grocery bills may be headed higher as coffee and orange juice prices face upward pressure from new tariffs...
BATTLE CREEK, Michigan: In a major consolidation of iconic food brands, WK Kellogg has agreed to be acquired by the owner of Ferrero...
WASHINGTON, D.C.: Filmmaker Peter Jackson's lifelong fascination with the extinct giant New Zealand flightless bird called the moa...
NEW DELHI, India: India has submitted a revised proposal to the World Trade Organization (WTO) in Geneva to implement retaliatory tariffs...
LONDON, U.K.: American consumers and businesses could soon face the highest overall tariff burden in more than a century, according...
WASHINGTON, D.C.: The Trump administration has started sending some weapons to Ukraine again, just a week after the Pentagon told officials...
SAN FRANCISCO, California: Nvidia, the Silicon Valley chipmaker at the heart of the artificial intelligence boom, this week briefly...
(Photo credit: Darren Yamashita-Imagn Images) The American League and National League announced their lineups for Tuesday's All-Star...
(Photo credit: Rick Scuteri-Imagn Images) The Kansas City Royals placed right-hander Michael Lorenzen on the 15-day injured list...
Lucknow (Uttar Pradesh) [India], July 14 (ANI): As the Dragon spacecraft of the Axiom-4 mission successfully undocked from the International...