US inflation surges to 3.7% as Iran war drives up gas prices THREE WEEKS before midterm elections
US annual inflation hit 3.7% in September, beating forecasts of 3.6%, with energy costs up 20.4% over the past year as the conflict with Iran disrupts Middle East supplies.
America's inflation rate jumped to 3.7% in September, beating forecasts of 3.6% and accelerating from 3.4% in August, in the worst reading for months. The energy index is up 20.4% over the past 12 months, with gasoline alone surging 7.1% last month, driven by Middle East supply disruption from the US-Israeli war with Iran. A Reuters/Ipsos poll shows 78% of Americans blame Trump's policies for price rises that are outstripping wages. A Fed interest rate hike is now seen as more likely at the central bank's decision in two weeks.
Just 17% of Americans approve of Trump's handling of the cost of living, with only 26% backing his overall economic performance — a new low.
The 30-year fixed mortgage rate has blown through 7%, hitting 7.48%, deepening the affordability crisis for would-be homebuyers.
