In Other News · United States · Business

Source: Axios

Data: Bureau of Labor Statistics; Chart: Courtenay Brown/AxiosU.S. inflation picked up in September as soaring energy prices added to already stubborn price pressures, the Labor Department said on Wednesday.Why it matters: The latest Consumer Price Index shows that the inflation fight is far from over — and makes further Federal Reserve interest rate hikes more likely as Americans struggle with higher costs.By the numbers: CPI rose 0.6% in September from the prior month, with the annual inflation rate at 3.7%, the government said.That compares with a 0.4% monthly increase and a 3.4% annual rate in August.Core prices, which exclude volatile food and energy costs, gained 0.3% on the month, compared with a similar monthly gain in August. In the 12 months through September, core CPI rose 2.6%, up from 2.4% the prior month.Zoom in: The latest figures capture the toll of the Middle East war on American consumers as disruptions to global energy supplies push up fuel prices.Gasoline prices spiked 9.1% in September after climbing 3.9% in August, when they accounted for more than a third of the monthly increase in consumer prices.Prices for shelter, one of the largest components of the index, increased 0.4%, compared with a 0.3% gain...