WAM
14 Oct 2022, 03:06 GMT+10
NEW YORK, 13th October (WAM) -- A U.S. Labour Department report said that consumer prices rose more than expected last month as rents hiked by the most since 1990 and the cost of food also increased.
The development comes to reinforce projections that the Federal Reserve will introduce a fourth 75-basis-point interest rate hike next month.
The data followed on the heels of last week's strong employment report, which showed solid job gains in September and a drop in the unemployment rate to a pre-pandemic low of 3.5 percent, Reuters reported.
Food prices increased 0.8 percent, with the cost of food at home advancing 0.7 percent amid rises in all six major grocery store food groups. Owners' equivalent rent, a measure of the amount homeowners would pay to rent or would earn from renting their property, shot up 0.8 percent, the largest increase since June 1990.
The hefty jumps offset a 4.9 percent decline in petrol prices. But petrol prices have likely bottomed following last week's decision by the Organization of Petroleum Exporting Countries and allies to cut oil production.
Get a daily dose of Iraq Sun news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Iraq Sun.
More InformationEVERGLADES, Florida: Over the weekend, a diverse coalition of environmental activists, Native American leaders, and residents gathered...
BEIJING, China: China's national soccer team may struggle to stir excitement, but its humanoid robots are drawing cheers — and not...
]LONDON, U.K.: A World Health Organization (WHO) expert group investigating the origins of the COVID-19 pandemic released its final...
DOVER, Delaware: California Governor Gavin Newsom has taken legal aim at Fox News, accusing the network of deliberately distorting...
FRANKFURT, Germany: Germany has become the latest country to challenge Chinese AI firm DeepSeek over its data practices, as pressure...
TORONTO, Canada: Harvard University and the University of Toronto have created a backup plan to ensure Harvard graduate students continue...
JERUSALEM, Israel: Israeli Prime Minister Benjamin Netanyahu says that Israel's success in the war with Iran could open the door to...
KHAN YOUNIS, Gaza Strip: Hisham al-Lahham is one of 580 premature babies in Gaza who may die from hunger, according to Gaza's Health...
DUBAI, U.A.E: Oman is set to introduce a personal income tax as part of its strategy to reduce dependency on hydrocarbon revenues....
US President Donald Trump urged Iran-backed Hamas militants to agree to what he called a final proposal for a 60-day cease-fire with...
(250702) -- ANKARA, July 2, 2025 (Xinhua) -- Syrians shop at a local market in the Onder neighborhood of Ankara, Trkiye, on July 1,...
Washington DC [US], July 2 (ANI): United States President Donald Trump on Tuesday (local time) said that Israel has agreed to the necessary...