Federal Reserve's preferred inflation gauge shows still-persistent underlying price pressures

An inflation monitor that the Federal Reserve closely follows continued to persist at elevated levels in September, as consumer spending remained robust and the economy showed signs of sustained strength.

According to the latest report released by the Commerce Department on Friday, prices surged by 0.4% from August to September, mirroring the previous month's increase, a news agency report said.

Furthermore, when compared to the same period 12 months earlier, inflation remained unchanged at a concerning 3.4%, the Associated Press report said.

September's month-to-month price surge has exceeded the pace consistent with the Federal Reserve's longstanding 2% annual inflation target. This development raises concerns as it compounds the already elevated costs associated with necessities like rent, food, and gasoline. Economists and analysts have been closely watching inflation trends, and this latest data underscores the challenges the Federal Reserve faces in managing the nation's monetary policy.