American inflation hits 40-year high in September
A month after US President Joe Biden signed the Inflation Reduction Act into law on Aug 16, 2022, America’s inflation rate hit another 40-year high in September. It was a higher-than-expected increase. The New York Post reports: US inflation surged 8.2% in September — a steeper-than-expected increase as stubbornly high rent and food costs look poised to ensure another sharp Federal Reserve interest rate hike next month. The September reading of the Labor Department’s Consumer Price Index, a closely watched measure of the costs of goods and services, showed a 0.4% increase compared to August — more than economists expected. Core inflation, which excludes volatile food and gas prices, spiked 6.6% in September, up from 6.3% in August. The annual core increase was the largest of its kind since August 1982. On a monthly basis, core prices increased 0.6%. READ: Inflation hits 8.2% in September — higher than expected — as rent, food prices soar Economists were warning back in August that the Democrat’s Inflation Reduction Act would actually increase inflation not end it. You …