US stocks down as consumer prices continue to hike

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.

Watch latest videos

News RELEASES

Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Mexico Star.

More Information

null in null

Lifestyle

Section

Birkenstock steps up legal battle over fakes in India

NEW DELHI, India: Birkenstock is stepping up its efforts to protect its iconic sandals in India, as local legal representatives conducted...

Vanishing homes, Palestinian families displaced amid West Bank demolitions

The Israeli army said the demolitions were necessary for security reasons, but residents fear permanent displacement and the loss of...

CM Sukhu expresses gratitude towards people of Nadaun for sending disaster relief material

Shimla (Himachal Pradesh) [India], July 10 (ANI): While the administration is engaged in relief work after the natural disaster in...

IAF trainer aircraft that crashed in Churu had technical fault, says brother of deceased pilot

Rohtak (Haryana) [India], July 10 (ANI): A day after the Indian Air Force's Jaguar trainer aircraft crashed in Rajasthan's Churu claiming...

India's oil imports from Russia helped global markets to stabilise: Hardeep Puri silences critics

New Delhi [India], July 10 (ANI): Petroleum and Natural Gas Minister Hardeep Puri said India's continued purchase of crude oil from...

Netanyahu, Trump aligned on hostage deal strategy; 60-day Gaza truce framework in talks

Washington DC [US], July 10 (ANI): Israeli Prime Minister Benjamin Netanyahu on Wednesday said he and US President Donald Trump are...

International

Section