US inflation soars to 40-year high, pushes Fed to rate rise
Headline inflation increased 0.4 per cent in September and was up 8.2 per cent over the year. Economists expected a 0.2 per cent gain in the month.
Economy
![US inflation soars to 40-year high, pushes Fed to rate rise]()
IMF tells central banks to focus on inflation as recession looms
IMF cuts 2023 global growth to 2.7% on war and downturns
![IMF tells central banks to focus on inflation as recession looms]()
Fed rate hike: US interest rates hit 14-year high in inflation battle
The Federal Reserve announced it was raising its key rate by another 0.75 percentage points, lifting the target range to between 3% and 3.25%.
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US inflation slows for 2nd month
Consumer prices surged 8.3% in August compared with a year earlier, the government said Tuesday, down from an 8.5% jump in July and a four-decade high of 9.1% in June. On a monthly basis, prices rose 0.1%, after a flat reading in July.
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Florida gas prices drop for 10th week in a row
AAA reports that the current national average sits at $3.90 a gallon. Florida's average sits much lower than that at $3.53 a gallon.
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UK inflation hits 10.1%, driven by soaring food and fuel prices
ONS July figure is only fourth time in 70 years that inflation has breached 10%
![UK inflation hits 10.1%, driven by soaring food and fuel prices]()
Gas drops below $4 a gallon average for first time since March
"I do believe, for now at least, that the national average will continue to decline...will probably go down another 10 or 25-cents a gallon over the next couple of weeks," GasBuddy Head of Petroleum Analysis Patrick De Haan said.
![Gas drops below $4 a gallon average for first time since March]()
US inflation falls to 8.5% in July
Falling gas prices gave Americans a slight break from the pain of high inflation last month, though the surge in overall prices slowed only modestly from the four-decade high it reached in June.
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