The U.S. Consumer Price Index (CPI) accelerated in September as surging energy costs drove inflation up 3.7 percent from a year earlier, according to official data released Wednesday.
U.S. CPI grew 0.6 percent month on month and 3.7 percent year on year in September, up from 0.4 percent and 3.4 percent in August, respectively.
Headline inflation increased by 0.6 percent month on month, driven primarily by a 9.1 percent surge in gasoline prices, according to the data. Meanwhile, the food price index rose 0.1 percent month-over-month in September, matching the increase in August.
Core CPI, which strips out volatile food and energy costs, also ticked up 0.3 percent over the previous month, climbing 2.6 percent year on year.
Price increases for shelter, car repairs, education, airline fares, medical services and apparel rose at a time when Americans have been reeling from price hikes since inflation took hold in 2021.
The news caused markets to drop Wednesday on fears that a rate cut is even further off than investors had expected. Some experts said the Fed would have to raise rates to get inflation down.
US consumer prices accelerate in September as energy costs weigh
US consumer prices accelerate in September as energy costs weigh
A Chinese envoy to the United Nations (UN) on Wednesday called for concerted efforts to halt the influx of illicit weapons into Haiti, following the Security Council's renewal of sanctions on the country for another year.
Noting that the situation in Haiti remains grave, Sun Lei, China's deputy permanent representative to the UN said that Haitian gangs continue to obtain large quantities of weapons and ammunition from abroad, posing a serious threat to the security of both the Haitian people and international forces.
The sanctions regime itself cannot automatically improve the security situation in Haiti and UN member states must take concrete actions to ensure that the sanctions measures are effectively implemented, he said.
China urges UN member states, especially the main source country of illicit weapons and ammunition entering Haiti, to take urgent and decisive measures to combat arms trafficking at its source, Sun said.
Noting that overcoming Haiti's predicament depends on the country's own political will and concrete efforts, Sun said that all political parties and factions in Haiti must demonstrate a sense of responsibility, strengthen unity, and effectively advance a political process that is Haitian-led and Haitian-owned.
Haitian authorities must genuinely assume primary responsibility for maintaining security and strengthening governance, combating corruption and impunity, and eliminating the conditions that allow violence to flourish, he said.
Together with the international community, China will continue to support the Haitian people in finding the right path out of the crisis at an early date, Sun said.
The Security Council on Wednesday adopted Resolution 2831 to renew the sanctions regime, which includes an arms embargo, travel ban and assets freeze measures, for one year from the date of the adoption of this resolution.
China urges global efforts to halt influx of illicit weapons into Haiti
