US Inflation Hits 3.7% as Gas Prices Surge

Consumer prices rose 0.6% in September, pushing annual inflation to 3.7%, up from 3.4% in August and above the 3.6% economists expected.

Gasoline jumped 9.1% in September and accounted for more than half of the monthly increase. Gas prices are up about 34% from a year ago.

Core inflation rose to 2.6%. Rents climbed 0.4%, the fastest monthly pace in five months, with mortgage rates near 7.5%.