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Source: US Department of Labor Source: US Department of Commerce <br />Inflation <br />The Consumer Price Index (CPI)increased more than expected in September,up 8.2%year-over-year versus consensus expectations for 8.1%, <br />but down slightly from 8.3%in August.The Core CPI,which excludes volatile food and energy components, jumped to 6.6%year-over-year,up <br />from 6.3%in August and the highest level since 1982.The report included widespread increases,particularly in food,shelter,and medical care <br />services.Owners’equivalent rent,which is a major contributor to CPI and tends to lag, was up 6.7%year-over-year.The Personal Consumption <br />Expenditures (PCE)index rose 6.2%in September inline with prior and slightly lower than consensus estimates of 6.3%.Core PCE increased to <br />5.1%year-over-year in September versus up 4.9%year-over-year in August.Persistently elevated inflation is likely to keep the Federal <br />Reserve on the path of tightening monetary policy as long as it continues to run well above the Fed’s longer-run target of around 2.0%. <br />0.0% <br />1.0% <br />2.0% <br />3.0% <br />4.0% <br />5.0% <br />6.0% <br />7.0% <br />8.0% <br />9.0% <br />10.0% <br />Personal Consumption Expenditures (PCE) <br />PCE Price Deflator YOY % Change <br />PCE Core Deflator YOY % Change <br />YOY( %) Change0.0% <br />1.0% <br />2.0% <br />3.0% <br />4.0% <br />5.0% <br />6.0% <br />7.0% <br />8.0% <br />9.0% <br />10.0% <br />Consumer Price Index (CPI) <br />CPI YOY % Change <br />Core CPI YOY % Change <br />YOY( %) Change5