Inflation Report Shows Prices Rising 3.7% as Gas Costs Surge

A new inflation report shows prices rising 3.7 percent over the past year, with a 0.5 percent monthly increase, the largest in five months, adding pressure on Americans ahead of the midterm elections. Gasoline prices jumped 9 percent in September, driving half of the increase, but core inflation also edged higher, signaling broad-based price rises across items like medical care, apparel, and car repairs. Wage growth at 3 percent trails inflation, straining budgets. Consumers, especially lower-income households, are relying on credit cards and cutting back on groceries, while Social Security benefits will rise 3.6 percent in January, offering limited relief.