US stocks down as consumer prices continue to hike

WAM
14 Oct 2022, 07:36 GMT+10

NEW YORK, 13th October (WAM) -- A U.S. Labour Department report said that consumer prices rose more than expected last month as rents hiked by the most since 1990 and the cost of food also increased.

The development comes to reinforce projections that the Federal Reserve will introduce a fourth 75-basis-point interest rate hike next month.

The data followed on the heels of last week's strong employment report, which showed solid job gains in September and a drop in the unemployment rate to a pre-pandemic low of 3.5 percent, Reuters reported.

Food prices increased 0.8 percent, with the cost of food at home advancing 0.7 percent amid rises in all six major grocery store food groups. Owners' equivalent rent, a measure of the amount homeowners would pay to rent or would earn from renting their property, shot up 0.8 percent, the largest increase since June 1990.

The hefty jumps offset a 4.9 percent decline in petrol prices. But petrol prices have likely bottomed following last week's decision by the Organization of Petroleum Exporting Countries and allies to cut oil production.

Watch latest videos

News RELEASES

Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Central Asia Times.

More Information

null in null

International

Section

US: reject cable to Cuba to connect voice, internet

WASHINGTON D.C.: A U.S. government committee has urged the Federal Communications Commission (FCC) to deny an application to connect Cuba ...

UK sees half of free-range turkeys dead to bird flu before Christmas

LONDON, England: Richard Griffiths, chief executive of the British Poultry Council, said nearly half of all turkeys and geese in ...

Iran's morality police force disbanded in response to demonstrations

The country has been gripped by violent protests after the death of a woman who allegedly wore an "improper" hijab ...

Musk says Neuralink brain chip human trials to begin in 6 months

AUSTIN, Texas: Elon Musk has said that he expects a wireless brain chip developed by his company, Neuralink, to begin ...

In major break from past, Egypt to build 21 desalination plants

CAIRO, Egypt: Ayman Soliman, CEO of Egypt's Sovereign Fund, said as part of the first $3 billion phase of a ...

Request made for fast-tracking promising Alzheimer's drug

WASHINGTON D.C.: According to trial data contained in a report presented this week, an experimental Alzheimer's drug from Eisai and ...

Asia

Section