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 Caribbean Herald 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 Caribbean Herald.
More InformationLONDON, U.K.: Physically backed gold exchange-traded funds recorded their most significant semi-annual inflow since the first half...
AMSTERDAM, Netherlands: Some 32 percent of global semiconductor production could face climate change-related copper supply disruptions...
NEW YORK, New York - U.S. stocks rebounded Tuesday with all the major indices gaining ground. Markets in the UK, Europe and Canada...
NEW YORK CITY, New York: Financial markets kicked off the week on a cautious note as President Donald Trump rolled out a fresh round...
RIO DE JANEIRO, Brazil: At a two-day summit over the weekend, the BRICS bloc of emerging economies issued a joint declaration condemning...
LONDON, U.K.: This week, BP appointed Simon Henry, former Shell finance chief, to its board as a non-executive director effective September...
Representatives of women's organizations and networks that were part of the first delegation of gender experts at the talks in Havana...
The 17th BRICS summit was more than a photo op. It was a coordinated rejection of Western power and a declaration of intent A few...
The 17th BRICS summit was more than a photo op. It was a coordinated rejection of Western power and a declaration of intent A few...
President Lula da Silva has pushed back, vowing reciprocal action and defending the country's court system ...
President Lula da Silva has pushed back, vowing reciprocal action and defending the countrys court system US President Donald Trump...
(Photo credit: Alex Martin/Journal and Courier / USA TODAY NETWORK via Imagn Images) Southern California offensive lineman DJ Wingfield...