According to the Bureau of Labor Statistics, the Consumer Price Index (CPI) increased by 0.4% in September. On a 12-month basis, inflation was up 8.2%, still hovering near the highest levels since the early 1980s.
Moreover, consumer spending was flat in September as prices increased sharply. A separate report also showed that import prices fell 1.2% in September, slightly more than the estimate, while exports declined 0.8%.
