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Rising Gasoline Prices Fuel Fresh Inflation Fears in the U.S.
Crude Oil Prices Today | OilPrice.com • • business
Key Points:
- U.S. consumer inflation is expected to rise by 0.6% in September, driven primarily by a surge in energy costs, with official CPI data due for release later today.
- Gasoline prices increased by 7.1% last month, averaging $4.34 per gallon, while diesel prices remain high above $6 per gallon despite a slight decline from peak levels.
- A Reuters poll indicates that 78% of Americans blame Trump-era policies, including the Iran war and import tariffs, for the rising cost of living.
- Inflation for the 12 months to September stood at 3.6%, well above the Federal Reserve’s 2% target, with core inflation at 2.4%, also exceeding the target but to a lesser extent.
- Economic disparities persist as the K-shaped economy affects lower-income voters more severely due to rising food and energy prices, potentially influencing upcoming election outcomes.
