US Annual Inflation Rises Higher Than Expected To 3.7 Percent In September

US annual inflation rose to 3.7 percent in the twelve months to September, up from 3.4 percent in August and exceeding market forecasts ahead of next month's midterm elections.

The increase was driven by energy price spikes, with car fuel prices jumping 34.2 percent over the year following Middle East supply disruptions that pushed crude oil over $100 a barrel.

Food inflation remained flat over the month and at 2.5 percent across the year, while core inflation was recorded at 2.6 percent.