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Business & Economy
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Business & Economy
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Inflation hits 3 percent as food, energy prices rise
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Prices rose slightly less than Wall Street expected, but are still putting pressure on households with economic fears rising.
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Annual inflation rose to 3 percent in September as a jump in gasoline and energy prices pushed price growth to its highest level since January.
The consumer price index (CPI) rose 0.3 percent last month and 3 percent over the 12-month span ending in September, according to data released Friday by the Bureau of Labor Statistics.
Economists expected inflation to hit 3.1 percent in September after months of prices rising steadily, due in part to Trump’s tariffs, with a monthly gain of 0.4 percent.
Annual inflation as measured by the CPI dropped from 3 percent in January to 2.4 percent in March, but spiked back up to 2.9 percent by August.
“The impact of tariffs was evident in the September data, though the pass-through to consumer prices remains uneven and gradual,” wrote Gregory Daco, chief economist at EY Parthenon, in an analysis.
“Apparel prices increased by the most in a year while new car prices posted their second largest gain in 2025 and food prices continued to rise after posting their highest gain since 2022 in August.”
In a Friday statement, White House press secretary Karoline Leavitt highlighted the inflation report coming in slightly lower than expectations, calling it “good news for American families.”
“Democrats choosing to keep the government closed will likely result in no October inflation report, which will leave businesses, markets, families, and the Federal Reserve in disarray.”
Read more here.
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Welcome to The Hill’s Business & Economy newsletter, I’m Sylvan Lane — covering the intersection of Wall Street and Pennsylvania Avenue.
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Key business and economic news with implications this week and beyond:
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Social Security and Supplemental Security Income (SSI) benefits will rise 2.8 percent in 2026 after the annual cost-of-living adjustment (COLA), the federal government announced Friday.
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President Trump called off trade negotiations with Canada on Thursday after the government of Ontario, the most populous province in Canada, released an advertisement that featured remarks from former President Reagan that criticized tariffs.
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Senate Democratic Leader Chuck Schumer (N.Y.) blasted President Trump on Friday for halting trade talks with Canada and vowed to force Republicans to vote again on a resolution to wipe out Trump’s tariffs on the U.S.’s northern neighbor, declaring “the madness must stop.”
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Branch out with more stories from the day:
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WASHINGTON (AP) — President Donald Trump announced he’s ending “all trade negotiations” with Canada …
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Business and economic news we’ve flagged from other outlets:
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Dow rallies 400 points for first close above 47,000 ever following mild inflation report (CNBC)
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Sports Leagues Feared a Betting Scandal Like This. Will Anything Change? (NYT)
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Opinions related to business and economic issues submitted to The Hill:
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You’re all caught up. See you next week!
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