Food and Shelter Costs Push Inflation Higher Than Expected

U.S. inflation is running hotter than expected.

The consumer price index rose in September 2.4 percent from a year earlier, the Department of Labor said Thursday. Economists had forecast a 2.3 percent increase in consumer prices after the August reading

Compared with a month earlier, prices rose 0.2 percent. That’s an acceleration from the 0.1 percent recorded in August.

Core CPI, a measure that excludes food and energy prices, rose 0.3 percent for the month. Compared with a year ago, core prices were up 3.3 percent. Economists had forecast the year-over-year figure would rise 3.2 percent, matching the prior month.

 Three-quarters of the rise in CPI was due to rising food and shelter prices. Food prices rose 0.4 percent from a month earlier, bringing the annual gain to 2.3 percent. Shelter prices rose 0.2, the smallest gain in several months, and are up 4.9 percent from a year earlier.