Annual inflation came in below expectations in September
The CPI was up 3%, compared to 2.9% in August.
Grocery store in Houston
Consumer prices rose less than expected in September, according to data released Friday by the Bureau of Labor Statistics (BLS).
The consumer price index (CPI) saw a 3% year-over-year increase in September, up from 2.9% in August, according to AFP.
Relative to August, the increase in consumer prices moderated to 0.3% from 0.4%, despite an increase in energy prices.
Core inflation, which excludes volatile prices such as food and energy, moderated over the month to 0.2% and over the year to 3% (compared to 3.1% the previous month).
Wall Street boosted by inflation data
In early trading, the Dow Jones was up 0.48%, the Nasdaq index was up 0.87% and the broader S&P 500 index was up 0.64%.
Government shutdown affects data release
The BLS was scheduled to release its index on Sept. 15, but the shutdown of some government services due to the budget impasse caused a postponement.
This is the only macroeconomic indicator released by the federal government since the beginning of the month. It is an essential piece of data, because Americans' social security benefits are adjusted based on the CPI.
A few minutes after the release, the U.S. Social Security Administration (SSA) announced that benefits will increase by approximately $56 per month starting in January.
In addition, the White House announced Friday that, due to the government shutdown, there will "probably" be no inflation report in October.
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