Consumer Prices Accelerated in September

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Consumer prices (CPI) were also higher, with rising petrol prices accounting for much of the increase in this measure of inflation. It was the largest monthly gain since January. Growth was higher compared to last month, but not as robust as expected.

The gasoline index increased 13.1% in September and accounted for about three-fourths of the seasonally adjusted all items increase.

Economists surveyed by The Wall Street Journal expected a 0.6% gain in overall prices and a 0.2% increase in core prices.

On a month-on-month basis, the CPI declined 0.15 percent and food prices fell 1.36 percent in September. Year-over-year prices have accelerated since June. Core prices have risen at that same annual rate since May.

We have now seen misses in this series during six of the last seven months and while the Fed will surely stress the "mysterious" nature of low inflation, we are increasingly concerned that the FOMC's insistence on pushing toward a December rate hike risks a policy-error, but we're getting as exhausted of saying that as others are surely of hearing it. Officials were split on whether to hike rates for the third time this year, which would likely be in December.

Meanwhile, Core CPI rose 0.1% month-over-month in September, below the prior month's reading of 0.2%, and below expectations of 0.2%. That inflation gauge has undershot the target for all but two months since early 2012.

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But other economic news was more encouraging.

The dollar slipped after inflation data came in below expectations.

With the unexpected increase, the consumer sentiment index surged up to its highest level reaching 103.8 in January of 2004. Shelter prices advanced 0.3% over the month.

US crude fell 1.29 percent to $50.64 per barrel and Brent was last at $56.32, down 1.09 percent.

Data from Friday's report will be used to calculate next year's cost-of-living adjustment for the 66.7 million Americans who receive Social Security benefits. The Labor Department added that Hurricane Irma has a "small impact" on the data collection.

The ministry expects average inflation next year at 1.4 percent.

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