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See The U.S. consumer price index for September, rose 5.4% compared to a year ago.

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See The U.S. consumer price index for September, rose 5.4% compared to a year ago.

The U.S. consumer price index for September rose 5.4% compared to a year ago. On a month-to-month basis, prices rose 0.4%. 

The core index rose 4%, maintaining the same rate as August. Prices for new vehicles, groceries, rent, and gasoline rose in September. Energy prices rose 1.3% and are up ~25% so far this year. Global energy demand fueled by businesses, restaurants, and entertainment re-opening is driving up energy prices.

The U.S. is seeing seven-year record prices for gas across the country, averaging $3.29 per gallon.

On Wednesday, the Social Security Administration announced it is increasing Social Security payments by 5.9%, its biggest increase in 40 years, to offset the impact of rising prices.

Social Security plans to increase taxes for high-income earners to offset the cost.

Employers also increased wages by 4.6% in September.

Experts predict inflation will stay above 5% for the rest of the year and through the first quarter of 2022.

In the Fed’s released minutes from its September meeting, the central bank plans to reduce its monthly $120B bond-buying stimulus program starting in November and stop it entirely by the middle of 2022. 

The Fed plans to reduce its bond purchases by $15B each month, evenly across Treasury and mortgage bonds.

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