US CPI jumps 0.5% on petrol-price increases after hurricanes
Washington — US consumer prices recorded their biggest increase in eight months in September as petrol prices soared in the wake of hurricane-related production disruptions at oil refineries in the Gulf Coast area, but underlying inflation remained muted. The US labour department said on Friday that its Consumer Price Index (CPI) jumped 0.5% last month after advancing 0.4% in August. September’s increase was the biggest since January and pushed up the year-on-year gain in the CPI to 2.2% from 1.9% in August. Economists polled by Reuters had forecast the CPI surging 0.6% in September and accelerating 2.3% year on year. Petrol prices surged 13.1% last month, accounting for 75% of the increase in the CPI. The increase was the largest since June 2009 and followed a 6.3% advance in August. The labour department said Hurricane Harvey was reported to have impacted refinery capacity in the Gulf Coast, and that Hurricane Irma, which struck Florida in early September, had a small impact on da...
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