Inflation accelerated in September, with prices up 3%

"The year-over-year inflation rate heated up to 3.0% in September, back to where it stood in January. Economists expected last month's rate to be 3.1% after an uptick to 2.9% in August. The Bureau of Labor Statistics was supposed to publish September's consumer price index report on October 15, but the release was delayed when the government shut down on October 1. The shutdown, which is now the second-longest in US history, has affected the compensation and employment of many federal workers and some agencies' operations. The BLS's jobs report wasn't published earlier this month due to the shutdown and hasn't been rescheduled."

"The Fed is meeting on October 28 and October 29 to discuss rates, and given the lack of official data, they may use private data releases and previous jobs reports to understand how the labor market has been performing. While the full picture of the job market remains murky, today's CPI report at least gives Fed members some insight into prices. The Social Security Administration will also be able to use the fresh inflation figures to calculate and announce the annual cost-of-living adjustment for benefits."

The year-over-year consumer price inflation rose to 3.0% in September, up from 2.9% in August and matching January's level, below economists' 3.1% forecast. The Bureau of Labor Statistics delayed several releases, including the scheduled October 15 CPI and the jobs report, after the government shutdown that began October 1 affected federal staffing and some agency operations. The Federal Reserve will meet October 28–29 and may rely on private data and prior reports because official labor data remain unavailable. The CPI figures will inform Fed deliberations and the Social Security Administration's cost-of-living adjustment. Markets price a high probability of a 25-basis-point rate cut.

Read at Business Insider