The White House said there is indicator of progress in Thursday\u2019s inflation reading though the Federal Reserve is expected to respond by aggressively by raising interest rates once again in November\u2019s meeting.
September\u2019s CPI, measuring the changes in prices for a slate of consumer goods and services, showed that American consumers continue to be beaten by higher prices despite unprecedented interest rate hikes by the Fed in recent months aimed at taming inflation.
CPI data from the Bureau of Labour Statistics showed that annual inflation rose by 8.2% in September, a slower increase than the 8.3% rise seen in August. Economists had projected the pace of price increases would slow to 8.1% last month. On a monthly basis, overall consumer prices increased by 0.4% from August.
After Thursday\u2019s CPI report was released, the White House pointed out that inflation over the past three months has averaged 2% \u2013 down from 11% in the quarter prior to that. That\u2019s \u201cprogress,\u201d a White House official told CNN \u2013 even as they acknowledged there is more work to do.<\/p>\n\n\n\n
Biden\u2019s official statement similarly reflected these sentiments, saying \u201ceven with this progress, prices are still too high.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
The White House said there is indicator of progress in Thursday\u2019s inflation reading though the Federal Reserve is expected to respond by aggressively by raising interest rates once again in November\u2019s meeting.September\u2019s CPI, measuring the changes in prices for a slate of consumer goods and services, showed that American consumers continue to be beaten by …<\/p>\n","protected":false},"author":13,"featured_media":31560,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[37,36],"tags":[7987,6885,7852,7533],"class_list":["post-73959","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-forex-markets","category-market-updates","tag-cpi-data","tag-fed","tag-inflation-pressures","tag-white-house"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/73959","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=73959"}],"version-history":[{"count":3,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/73959\/revisions"}],"predecessor-version":[{"id":73973,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/73959\/revisions\/73973"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/31560"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=73959"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=73959"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=73959"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}