September CPI in the U.S. is 3% due to tariffs and data delays.

Cloud Fed Outlook:

According to the Bureau of Labor Statistics, In September 2025, U.S. consumer prices increased 3% year over year, which was somewhat less than the 3.1% prediction. A 4.1% increase in gas prices was the main driver of the monthly inflation of +0.3%. Core inflation, which does not include food and energy, remained at 3.0% per year. A federal government shutdown caused the data release to be delayed, which complicated the Federal Reserve's policy evaluation at a crucial time. The small figure supports market predictions of impending rate reduction, even if inflation is still higher than the Fed's 2% target. However, uncertainty is increased by trade pressures and a worsening labor market.

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