US inflation rose to 3.7% in September in blow to Republicans before midterms
Final inflation report before voters go to polls comes amid widespread anger over cost of living under Trump
TL;DR
- US price increases reached an annual rate of 3.7% in September, up from 3.4% in August.
- Gasoline prices increased by 34% from last year, and fuel oil by 74%.
- This is the highest inflation rate before a midterm election since 1990, excluding the pandemic.
- The US-Israel war with Iran is cited as a major cause of soaring energy prices.
- 78% of Americans blame the Trump administration's policies for inflation, including 57% of Republicans.
- Heightened inflation may pressure the Federal Reserve to increase interest rates, impacting borrowing costs.
- The 30-year mortgage rate has risen to 7.40%.