According to the Labor Department, the Consumer Price Index for All Urban Consumers rose .4% in September, seasonally adjusted, and rose 8.2% over the last 12 months, not seasonally adjusted. The index for all items less food and energy increased 0.6% in September, up 6.6% over the year – the highest since 1982.
Estimates for the top-line rate were for an 8.1% rate.
Markets were down shortly after the announcement before rising dramatically later in the session.
“The composition of the inflation reading is perhaps even more worrisome than the overall number,” Seema Shah, the chief global strategist at Principal Asset Management, told Fox News.. “Increases in shelter and medical care indices, the stickiest segments of the CPI basket, confirm that price pressures are extremely stubborn and will not go down without a Fed fight.”
Social Security Recipients Will Receive An 8.7% Adjustment
Reflecting the historic pace of inflation, it was also announced today that Social Security benefits are set to rise by 8.7% in 2023, the biggest increase since 1981.
The increase will affect at least 64 million retirees beginning in January.
