U.S. CPI Rises 3.0% in September

New CPI data for September showed U.S. consumer prices rising 3.0% year‑over‑year and 0.3% month‑to‑month, the fastest annual pace since January, with core CPI also about 3.0%. A 4.1% monthly jump in gasoline was the single largest contributor; food rose while rent/shelter growth cooled, creating a mixed picture for households. Higher costs for new vehicles, furniture, appliances, apparel and other goods reflect passthrough from President Trump’s tariffs, and an Ontario political ad criticizing those trade moves prompted diplomatic tensions that led Mr. Trump to cancel talks with Canadian officials. The report was delayed and constrained by a federal government shutdown that partially recalled Bureau of Labor Statistics staff to publish the CPI, leaving other key economic releases unavailable and potentially affecting October readings. Although the September print was a touch softer than some forecasts and may support expectations of an imminent Fed rate cut, inflation remains well above the Fed’s 2% goal and the uneven nature of price pressures complicates policy choices.