NEW YORK, Oct. 31 (Xinhua) -- The latest Consumer Price Index showed that price increases continue to surge in the United States, and that inflation even spread from goods into the services sector in September, CNN has reported.
The U.S. Commerce Department reported Friday that the U.S. personal consumption expenditures (PCE) price index rose 0.3 percent in September, for a 6.2 percent year-on-year increase. The core PCE inflation, which excludes food and energy, rose 0.5 percent for a 5.1 percent year-on-year increase.
"This month, buying conditions for durables surged 23 percent on the basis of easing prices and supply constraints; however, year-ahead expected business conditions worsened 19 percent," Joanne Hsu, a researcher, was quoted by the report as saying.
"These divergent patterns reflect substantial uncertainty over inflation, policy responses, and developments worldwide," he added.
While the housing market is already buckling under the weight of surging mortgage rates, the full economic impact of the Fed's policy tightening has yet to be felt, Gregory Daco, an economist, was quoted by the report as saying. ■
