US price increases reached an annual rate of 3.7% in September, according to the latest data from the Bureau of Labor Statistics released on Wednesday, The Guardian reported. This figure represents an increase from the 3.4% rate recorded in August, marking the highest inflation rate before a midterm election since 1990, excluding the pandemic era.
These numbers are hitting household budgets hard, especially as we head into the colder months. Gasoline was the primary driver here, accounting for over half of the overall price increases with a 34% jump from last year. Fuel oil prices have surged by 74% compared to last year. Travel isn’t looking much cheaper either, with air travel costs climbing 22.4%.
