October 10, 2024 – 8:11 AM PDT
WASHINGTON (Reuters) – U.S. consumer prices rose slightly more than expected in September amid higher food costs, but the annual increase in inflation was the smallest in more than 3-1/2 years, keeping the Federal Reserve on track to cut interest rates again next month.
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Other data from the Labor Department on Thursday showed first-time applications for unemployment benefits surged last week to the highest level in more than a year, boosted by Hurricane Helene and a nearly four-week-old strike at Boeing (BA.N), which has forced the U.S. planemaker to furlough workers and impacted suppliers. The strike and hurricanes could distort the labor market picture this month.
Despite the firmer-than-expected monthly inflation reading last month, a sharp moderation in rent increases led economists to expect a…
