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The Fed’s preferred inflation measure rose faster in September after holding at 3.0% for three months, according to NAHB Eye on Housing. Higher energy costs drove much of the increase, while prices also rose outside fuel, according to PBS NewsHour.
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Higher prices affect household budgets and complicate the Federal Reserve’s effort to bring inflation to its 2% target. NAHB Eye on Housing says elevated energy costs also pushed consumer spending up while the personal saving rate fell to its lowest level in nearly four years.