September CPI Report: Inflation Still Remains High

WASHINGTON, D.C. – Today, the Bureau of Labor Statistics released new inflation data for the month of September revealing consumer prices rose 0.4% over last month and remain high with the year-over-year inflation rate at 8.2%.

The core inflation rate, which includes all non-food and non-energy items, rose by 0.6% over last month and is up by 6.6% from last year; this is compared to last month’s increase of 0.6%, and the year-over-year measure of 6.3%. This core inflation increase is noteworthy as it may indicate inflation will continue to rise for the foreseeable months.

The burden on consumers across every sector of the economy continued for another month, with:

• The gasoline index, up 18.2%;
• The food index, up 11.2%;
• The energy index, up 19.8%;
• Used cars and trucks, up 7.2%; and
• Utility (piped) gas, up 33.1%.

This CPI increase of 0.4% on a monthly basis (August 2022 to September 2022), is higher than the 0.1% increase last month, reflecting the food index continuing to increase at 0.8%.

“As Americans suffer from still-high costs and yet another month of a deflating economy, Joe Biden continues to downplay his economic failures that have triggered this crisis,” said RGA Communications Director Jesse Hunt. “While Joe Biden and Democrat governors ignore the issue top of mind for every voter, Americans know they can count on Republican governors to continue delivering the economic relief that has fueled red state recoveries that far outpace struggling blue states.”