US inflation rose to 3.7% in September: Fed could raise interest rates as early as October.

According to Reuters data, the US consumer price index (CPI) rose 0.6% in September compared to the previous month and 3.7% year-on-year. This figure is higher than the 3.4% increase recorded in August and exceeds analysts' expectations of 3.6%.

The main driver behind this recent surge in prices comes from the energy sector. Gasoline prices at gas stations have jumped by 9.1% in just one month. According to data from the American Automobile Association (AAA), the average price of gasoline has reached a record high of $4.33 per gallon, nearly $0.50 higher than the peak recorded in 2023. Along with that, the price of heating oil – an essential item for millions of households as the cold season approaches – has also skyrocketed by 15.3%.