Economists expect US inflation 3.6% YoY as Brent nears $105
Economists expect inflation in the US to rise 3.6% year over year for September, with Brent crude oil climbing more than 14% in September to about $105 a barrel, which could push up costs for items in other, non-energy categories.
Even if you take out food and energy, prices are still rising, but not as sharply.
Joe Brusuelas says oil raises costs
Chief economist at RSM, a tax firm, Joe Brusuelas points out that these rising oil prices aren't just an energy story: they're pushing up costs across lots of products.
The Federal Reserve has already raised interest rates to try and keep inflation near its 2% goal, but with energy costs climbing, more rate hikes could be on the table soon, possibly in December.
All this comes as people are feeling less confident about the economy, right before midterm elections.