US Consumer Prices Jump to 3.6% Amid Midterm Election Week

US consumer prices rose to 3.6% in September, a sharp increase from the 3.4% recorded in August.

The Department of Commerce released the data on Thursday, noting that prices climbed 0.5% over the previous month. This marks the largest monthly gain since May. The inflation trend has worsened since the Iran war drove up costs for oil and gasoline. US crude oil prices now exceed $100 per barrel, having been under $70 before the conflict began.

The timing places the report less than one week before the midterm elections. Economic concerns have become a central issue for voters. Polls indicate that rising inflation has led to a more negative view of the economy and President Donald Trump’s handling of costs. Trump campaigned on lowering prices in 2024, including a promise to drop gasoline below $2 per gallon. The current national average sits at approximately $4.25 per gallon.

Inflation excluding volatile food and energy categories also increased. Core inflation rose 3.1% year-over-year in September, up from 3% in August. On a month-over-month basis, underlying prices increased 0.3%, matching the rate seen in the previous month. The Federal Reserve closely monitors these indicators to guide its monetary policy decisions.

The data confirms that price pressures remain elevated heading into the vote. The gap between current gasoline prices and the 2024 campaign target highlights the financial strain on consumers. The next major economic report is scheduled for release next month.