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2 months ago
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Consumer prices were up 2.4 percent from a year earlier in September, according to new data released Thursday by the Bureau of Labor Statistics.
This was higher than expectations, which were for a 2.3 percent annual rate of inflation.
The Social Security Administration is expected to announce the cost-of-living adjustment for 2025 off the back of the inflation numbers.
The cost-of-living adjustment, or COLA, is the yearly increase to monthly Social Security benefits that millions of seniors rely on.
Wall Street is also paying close attention to the data for clues as to what moves the Federal Reserve will make at its next meeting in November.
In September, the central bank cut interest rates by a bumper 50 percentage points for the first time in 16 years.
September inflation data released
Consumer prices were up 2.4 percent from a year earlier in September, according to new data released Thursday by the Bureau of Labor Statistics.
This was higher than expectations, which were for a 2.3 percent annual rate of inflation.
But it was a slowdown from August's 2.5 percent rate.
On a monthly basis, the consumer price index rose 0.2 percent to September - also above economists' forecasts.
Much of the rise in prices was down to food and housing costs, the Labor Department said.
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