Oct. 13 (UPI) — Prices for goods in the United States increased during the month of September and pushed inflation to more than 5% over the past 12 months, the Labor Department said in its monthly report Wednesday.
The assessment said prices rose 0.4% last month, which was slightly higher than most economists predicted.
Compared to September 2020, prices were up 5.4% — the greatest shift since 2008.
Excluding food and energy prices, prices increased 0.2% for September and 4% year to year.
The Labor Department said the food and shelter indexes drove more than half of the increase in September. Food prices rose 0.9% and energy prices 1.3%, led by a 1.2% spike in the cost of gasoline.
The gas index last month was 42.1% higher than September 2020 and natural gas prices were up more than 20%.
Wednesday’s report also underscores the impact of ongoing supply chain disruptions, which President Joe Biden is moving to solve. The White House announced an aid plan Wednesday and Biden will speak with industry leaders in further efforts to bring relief.