The US Bureau of Labor Statistics reported that the Consumer Price Index (CPI) for September increased by 2.4% year-over-year (YoY), compared to a 2.5% increase in August. This exceeded market expectations of 2.3%. This remains within the Federal Reserve's target range of 2%. The increase was largely driven by rising energy and housing costs. Energy prices rose by 1.5% in September, following a 4.8% increase in August. Housing costs also rose by 0.7%, continuing a trend of steady increases throughout the year. Despite the increase, the CPI remains below the 4.0% YoY increase seen in June, indicating that inflationary pressures may be easing. The Federal Reserve is expected to consider this data when making decisions about future interest rate hikes.