UPDATE - Annual US consumer inflation at 8.2% in September, slightly easing from 8.3% in August

ADDS BIDEN'S REMARKS

By Ovunc Kutlu

ANKARA (AA) - Annual consumer inflation in the US came in at 8.2% in September, slightly easing from the 8.3% yearly gain in August, according to Labor Department figures released Thursday.

However, the Consumer Price Index (CPI), which measures changes in the prices of goods and services from a consumer's perspective, came in higher than the market estimate of an 8.1% annual increase.

The figure is a sharp decline from the 9.1% yearly gain in June, which was the largest 12-month increase since November 1981.

CPI in September rose 0.4% from the previous month, again above expectations of a 0.2% gain. The August figure showed an annual gain of 0.1%.

"Increases in the shelter, food, and medical care indexes were the largest of many contributors to the monthly seasonally adjusted all items increase," the Labor Department said in a statement.

The increases were partly offset by a 4.9% decline in the gasoline index.

"The food index continued to rise, increasing 0.8 percent over the month as the food at home index rose 0.7 percent. The energy index fell 2.1 percent over the month as the gasoline index declined, but the natural gas and electricity indexes increased," the statement said.

Core CPI, which excludes food and energy, gained 0.6% in September from the previous month, again above the market expectation for a 0.5% rise. In August, core CPI also posted a monthly increase of 0.6%.

Annually, core CPI rose 6.6% in September – the largest 12-month increase since August 1982. The figure was above estimates of a 6.5% gain, while it rose 6.3% in August year-on-year.

"The shelter index also rose 6.6 percent over the last year, accounting for over 40 percent of the total increase in all items less food and energy," the statement said.

Other indexes with notable increases over the last year include medical care with a 6% gain, new vehicles with a 9.4% increase. They were followed by household furnishings and operations with 9.3% and used cars and trucks with 7.2%.

President Joe Biden said the latest figures show progress in the fight against higher prices, adding inflation in the last three months averaged 2% at an annualized rate, which is down from 11% compared to the quarter before.

"Americans are squeezed by the cost of living: that’s been true for years, and they didn’t need today’s report to tell them that,” he said. “But even with this progress, prices are still too high.”

Biden said his administration's Inflation Reduction Act aims to lower health care premiums for 13 million people, decrease seniors’ prescription drug prices and lower families’ energy costs in the coming months.