In a rare report because of the current federal government shutdown, the U.S. Bureau of Labor Statistics compiled an inflation report that revealed an acceleration of prices, even when the result was softer than expected.

The Consumer Price Index (CPI) increased by 0.3% in September, mainly driven by increases in gasoline (4.1%) and food (0.2%), with energy also rising by (1.5%) over the month.

The CPI during the last twelve months rose to 3%, being this the first time that the index reaches this number since January. Nonetheless, economists were expecting a harsher result, estimating that the number would rise by 0.4%.

Stock markets received the report positively. The S&P 500 futures jumped 1%, rising to record highs as investors celebrated the number, even if inflation numbers rose.

Heather Long, chief economist at Navy Federal Credit Union, pointed to tariffs as a culprit of the price increases. “September’s increase was driven mainly by rising gas and food prices. Tariffs are playing a role,” she stressed.

The numbers revealed that the cost of living has been steadily creeping up for Americans, with inflation only rising since the Trump administration implemented its tariff policies in April.

In its approach, the U.S. Federal Reserve has taken the CPI parameter and unemployment numbers to probe the market and decide whether to cut interest rates or not.

Art Hogan, chief market strategist at B. Riley Wealth, told CNBC that this figure, even when high, should allow the Federal Reserve to keep cutting rates, at least for the foreseeable future. “The Fed has been clear that they are more focused on the softening labor data and will continue to defend their full employment mandate, even with core CPI well above their 2% target,” he assessed.

These CPI levels do little to alleviate the concerns about a hypothetical price acceleration, but the Federal Reserve might be more worried about the labor situation, willing to cut rates by a quarter percent.

Markets are reacting as if the cuts scenario were almost certain.

• What did the recent inflation report from the U.S. Bureau of Labor reveal?
  The report showed the Consumer Price Index (CPI) rose by 0.3% in September, primarily due to increases in gasoline (4.1%) and food (0.2%).

• What is the significance of the CPI reaching 3%?
  This is the first time the CPI has hit 3% since January, indicating a steady rise in the cost of living for Americans.

• How did the stock markets react to the inflation report?
  Stock markets responded positively, with S&P 500 futures jumping 1% to record highs despite the increase in inflation numbers.

• What implications might these CPI figures have for the Federal Reserve’s interest rate policies?
  Analysts suggest that the Fed could continue to cut interest rates, focusing more on labor market conditions rather than the inflation figures above its 2% target.

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