Inflation and Gas Prices Rise as Wages Lag

The Department of Labor's Consumer Price Index report shows prices rose 0.6 percent in September, with overall inflation up 3.7 percent from last year, marking the highest monthly increase in several months. Gas prices surged 9.1 percent in September, accounting for nearly half of the total increase, while fuel oil jumped 15.3 percent, the largest rise since March. The national average gas price now stands at $4.33 per gallon, up from roughly $3.20 when Trump took office. Hourly wages fell 0.5 percent in August and are down 0.7 percent over the past year, leaving pay stagnant against rising costs. Analysts expect the Federal Reserve to discuss raising interest rates at the end of October, which could make loans more expensive.