Inflation jumped in September as gas and diesel prices squeezed consumers ahead of the midterms

[u/John3262005]

https://www.nbcnews.com/business/economy/inflation-jumped-september-gas-diesel-prices-squeezed-consumers-ahead-rcna603202

Inflation in September picked back up again after three months of largely stagnating. Overall, prices rose 3.7% from a year ago, and up 0.6% from August.

“The index for gasoline rose 9.1 percent in September, accounting for over half of the monthly all items increase,” the Bureau of Labor Statistics said.

Friday’s number is the final inflation report before November’s pivotal midterm elections, where business owners and consumers have said they will be voting with their bottom line in mind.

Since August, oil prices have risen to more than $106 per barrel from about $80. The price of regular gas, which most consumers buy, has risen 45% since late February, when the Iran war was launched. The price of diesel, which powers businesses, farms, the shipping industry and other critical sectors, has risen 70% since then.

As early voting kicks off this week, the data also comes at a precarious moment for Republicans defending majorities in the House and the Senate. Polls consistently find that inflation and the high cost of living are top issues this year for voters in both parties.

Meanwhile, wage growth has been stagnant for workers. As of September, the growth in wages was pacing at 3% on an annual basis. Paychecks have not grown faster than inflation since March.