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A customer pumps gas into his truck at a Shell station on October 12, 2021 in San Francisco, California. Photo: Justin Sullivan/Getty Images

The core Consumer Price Index (CPI), which measures the price of goods and services excluding food and energy, rose 0.2% in September, according to data released Wednesday.

Driving the news: The core CPI rate aligns with the 0.2% increase that economists predicted. The figure is up slightly from August but is significantly down from June's 0.9% increase.

  • The CPI figure that includes energy and food increased 0.4% in September after rising 0.3% in August, according to the Bureau of Labor Statistics.
  • The CPI increase was higher than the 0.3% increase economists were predicting.
  • On a year-over-year basis, prices of all goods — including food and energy — increased 5.4% in September compared to a 5.3% estimate and the highest increase since January 1991, CNBC reports.

Between the lines: Gasoline prices rose 1.2% for the month of September, bringing the total annual increase to 42.1%, according to the data.

  • Higher energy costs threaten our economic recovery — and prices may continue to rise this winter, Axios' Kate Marino reports.
  • Food prices increased 0.9% in September, following a 0.4% increase in August. Food at home prices rose 1.2% increase and "all six major grocery store food group indexes rose," per the Bureau of Labor Statistics.
  • Used car prices fell 0.7% in September, bringing the 12-month increase down to 24.4%.

Meanwhile, millions of individuals on Social Security will receive a 5.9% boost in benefits for 2022, the biggest cost-of-living adjustment in 39 years, following the rise in inflation, AP reports.

What they're saying: The data comes amid rising concerns that inflation may stick around longer than thought.

  • "Price increases stemming from ongoing supply chain bottlenecks amid strong demand will keep the rate of inflation elevated as supply/demand imbalances are only gradually resolved," an Oxford Economics research note said.
  • "While we share the Fed’s view that this isn’t the start of an upward wage-price spiral, we look for inflation to remain persistently above 3% through mid-2022."

Go deeper: Consumer inflation expectations continue to rise

Go deeper

Ben Geman, author of Generate
Oct 22, 2021 - Energy & Environment

The economic spillover from high energy prices

The 6 megawatt Stanton Solar Farm outside of Orlando, Florida. Photo: Paul Hennessy/SOPA Images/LightRocket via Getty Images

The World Bank and International Monetary Fund are out with fresh warnings about the energy commodity run-up, but both also see some relief ahead.

Driving the news: The IMF, in a post on Thursday, projects prices will moderate in the coming months, but also says, "uncertainty remains high and small demand shocks could trigger fresh price spikes."

Rising car prices fuel AutoNation's great year

Illustration: Brendan Lynch/Axios

Chip shortages could be viewed as a blessing for AutoNation at this point.

Driving the news: The car chain reported its sixth-consecutive quarterly earnings record on Thursday. That's thanks to higher consumer prices driven by production constraints.

Existing home sales hit inflection point

Expand chart
Data: National Association of Realtors; Chart: Jacque Schrag/Axios

Homebuyers were busy this summer: They closed on 6.29 million properties in September on a seasonally adjusted annualized rate, up 7% from August, according to the National Association of Realtors.

Why it matters: Lower mortgage rates made purchasing an attractive option, despite higher sales prices.