Harvey Pushes Up September Inflation, but Apparel Prices Flat

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Consumer prices rose in September compared to a year ago, driven by a temporary spike in oil prices in the wake of Hurricane Harvey. Apparel prices were flat.

According to Consumer Price Index (CPI) data released this morning by the U.S. Department of Commerce, prices for all goods and services rose by 2.2% (adjusted for seasonality) compared to the same month last year, their biggest gain since January. The core inflation rate, which excludes food and energy, increased by a less-than-expected 1.7%.

The apparel and footwear price index fell by 0.2%, its smallest drop in five months.

Apparel prices (excluding footwear) were flat compared to September 2016, after four consecutive months of declines. Footwear prices fell by 0.8%, even with August’s drop.

Women’s wear prices dipped by 0.4% in the month, while menswear prices fell by 2.2%.

 


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