WAM
14 Oct 2022, 03:06 GMT+10
NEW YORK, 13th October (WAM) -- A U.S. Labour Department report said that consumer prices rose more than expected last month as rents hiked by the most since 1990 and the cost of food also increased.
The development comes to reinforce projections that the Federal Reserve will introduce a fourth 75-basis-point interest rate hike next month.
The data followed on the heels of last week's strong employment report, which showed solid job gains in September and a drop in the unemployment rate to a pre-pandemic low of 3.5 percent, Reuters reported.
Food prices increased 0.8 percent, with the cost of food at home advancing 0.7 percent amid rises in all six major grocery store food groups. Owners' equivalent rent, a measure of the amount homeowners would pay to rent or would earn from renting their property, shot up 0.8 percent, the largest increase since June 1990.
The hefty jumps offset a 4.9 percent decline in petrol prices. But petrol prices have likely bottomed following last week's decision by the Organization of Petroleum Exporting Countries and allies to cut oil production.
Get a daily dose of Auckland Sun news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Auckland Sun.
More InformationDUBAI, U.A.E.: A cargo ship flagged under Liberia, known as the Eternity C, sank in the Red Sea following an attack executed by Yemen's...
WASHINGTON, D.C.: The Trump administration has started sending some weapons to Ukraine again, just a week after the Pentagon told officials...
ECAULT BEACH, France: On clear days, the white cliffs of the United Kingdom, are visible from northern France, where men, women, and...
ATLANTA, Georgia: The United States is facing its worst measles outbreak in more than three decades, with 1,288 confirmed cases so...
In the past month alone, 23 Israeli soldiers have been killed in Gaza—three more than the number of remaining living hostages held...
LONDON, U.K.: At least 13 people are believed to have taken their own lives as a result of the U.K.'s Post Office scandal, in which...
WASHINGTON, D.C.: Filmmaker Peter Jackson's lifelong fascination with the extinct giant New Zealand flightless bird called the moa...
(Photo credit: Stan Szeto-Imagn Images) SONOMA, Calif. - In closing laps of the Pit Boss/FoodMaxx 250 at Sonoma Raceway, the pupil...
(Photo credit: Daniel Bartel-Imagn Images) SONOMA, Calif.- For the second straight weekend, Shane van Gisbergen dominated NASCAR...
BEIJING, July 12 (Xinhua) -- Here are the latest Chinese sports headlines from the past week: 1. Chengdu celebrates one-month countdown...
The International Criminal Court is in a deadlock over expanding its powers after three days of talks The International Criminal...
(250712) -- LAS VEGAS, July 12, 2025 (Xinhua) -- Yang Hansen (2nd L) of Portland Trail Blazers shoots during the match between Portland...