While month-to-month price changes have been minor in recent months, September’s 0.2% increase was the highest since March.
September gains largely reflected higher energy costs, particularly gasoline, with drivers paying 17.3% more for fuel than in 2010.
On a month-to- month basis, the seasonally adjusted gasoline price index was up 3% from August, following a three-month easing from April’s high.
The credit union predicted that strong upward pressure of energy prices on annual inflation would likely ease in coming quarters.
Other factors contributing to higher inflationary pressures included food, which was up 3.9% from September 2010. Its rise was driven by fresh vegetables (10.5%), meat (5.5%) and dairy (5%).
Outside of food and energy, price gains were muted, up only 1% from the previous year as clothing priceswere up 1.1% from 2010, while prices related to household operations, furnishings and equipment were only 0.7% higher.
Jennifer Harrison
@JHarrisonBIV