U.S. consumer goods prices moved up a bit in September but overall inflationary pressures weakened.
The Department of Labor’s Consumer Price Index, based on prices paid on a large range of consumer goods, rose two-tenths of a percentage point in September. That matched Wall Street’s expectations and represented an easing of price pressure from the 0.4 percent gain in August.
Compared with a year ago, prices were up 1.4 percent. The Federal Reserve, which uses a different measure of prices that tends to run lower than the CPI, said this summer that it aims to have inflation average 2 percent over time. Since inflation has been running below that target, the Fed is attempting to raise inflation above 2 percent.
Core CPI, which ignores the effects of the volatile categories of food and energy, was also up two-tenths of a percent. Compared with a year ago, it was up 0.7