US inflation remained elevated in Sep amid supply chain disruptions

Source :IANS
Author :IANS
Last Updated: Thu, Oct 14th, 2021, 09:20:05hrs
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Washington, Oct 14 (IANS) US inflation remained elevated in September as supply chain disruptions have persisted for months, the Labour Department reported.

The consumer price index (CPI) increased 0.4 per cent in September after rising 0.3 per cent in August, Xinhua news agency quoted the Department as saying on Wednesday.

Over the past 12 months through September, the index increased 5.4 per cent, slightly up from the 5.3 per cent pace for the 12-month period ending August, it said.

Excluding the volatile food and energy components, the so-called core CPI rose 0.2 per cent in September after increasing 0.1 per cent in August.

Over the past 12 months through September, the core CPI rose 4 per cent, the same increase as the period ending August, according to the Department.

"Overall, we expect to see the run of strong inflation readings continue in the coming months. Oil and natural gas prices have climbed further in recent weeks," Sarah House, senior economist at Wells Fargo Securities, said in a note issued on Wednesday.

"More broadly, the logjams across supply chains show no signs of easing yet. Until inventories are rebuilt, goods prices are unlikely to revert to the deflationary trend that pervaded for the better part of the past two decades," House said, expecting CPI inflation to remain above 5 per cent on a year-ago basis through the first quarter of next year.

--IANS

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