In September, the annual inflation rate in the United States climbed to 4.1%, up from 3.7% in August, marking the highest level since January 2024. This uptick was primarily fueled by a significant rise in energy costs. Over the past year, prices for energy products—including electricity, gas, and other fuels—have surged by 15.3%.
Fuel prices saw a particularly sharp increase, with diesel prices up 22% year-on-year and petrol prices rising by 14%. Within the month of September alone, diesel prices increased by 5.4%, while petrol prices saw a 4.8% hike. The average cost of diesel reached €2.06 per litre, while petrol prices averaged €1.96 per litre.
Home heating oil experienced an even more substantial rise, with prices jumping 7.2% from August to September and a dramatic 58.6% over the past year. In addition to energy, rising mortgage interest rates, along with higher costs in education and transportation, also contributed to the overall inflation increase. Education expenses rose by 8.9%, and transportation costs went up by 7.5%.
Food prices, meanwhile, recorded a more modest annual increase of 0.4% in September. However, there is an anticipation of further pressure on food costs in the upcoming year, potentially impacting consumers more significantly.