US inflation hits eight-month high

Spike in gasoline costs was likely tied to Hurricane Harvey

APP October 20, 2017

WASHINGTON: Soaring fuel prices drove US inflation to an eight-month high in September, with the cost of gasoline hitting an eight-year record, the Labour Department reported on Thursday.

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The spike in gasoline costs was likely tied to Hurricane Harvey, which idled much of US energy production in late August and created shortages, officials said. Otherwise, US price pressures remained tame, suggesting the energy-related jump could be transitory. Monetary policymakers at the Federal Reserve remain divided over the dangers of inflation, with some Fed members pointing to persistent weakness and arguing that the central bank should delay raising rates. But market participants widely expect the Fed to raise interest rates in December.

Published in The Express Tribune, October 14th, 2017.

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