US stocks down as consumer prices continue to hike

WAM
14 Oct 2022, 07:36 GMT+10

NEW YORK, 13th October (WAM) -- A U.S. Labour Department report said that consumer prices rose more than expected last month as rents hiked by the most since 1990 and the cost of food also increased.

The development comes to reinforce projections that the Federal Reserve will introduce a fourth 75-basis-point interest rate hike next month.

The data followed on the heels of last week's strong employment report, which showed solid job gains in September and a drop in the unemployment rate to a pre-pandemic low of 3.5 percent, Reuters reported.

Food prices increased 0.8 percent, with the cost of food at home advancing 0.7 percent amid rises in all six major grocery store food groups. Owners' equivalent rent, a measure of the amount homeowners would pay to rent or would earn from renting their property, shot up 0.8 percent, the largest increase since June 1990.

The hefty jumps offset a 4.9 percent decline in petrol prices. But petrol prices have likely bottomed following last week's decision by the Organization of Petroleum Exporting Countries and allies to cut oil production.

Watch latest videos

News RELEASES

Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Barbados Bulletin.

More Information

25 ℃

Light Rain Shower / Windy in Seawell

World

Section

Mongolia could be target of future Papal visit

ROME, Italy: Pope Francis has told reporters that he hoped to travel to Mongolia in September despite his knee ailment, ...

Pakistanis term Wikipedia blockage an embarrassment to country's image

ISLAMABAD, Pakistan Pakistan has banned Wikipedia after threatening the crowd-sourced online encyclopedia with "sacrilegious content," according to the Wikimedia Foundation.The ...

Monkeys stolen from Dallas Zoo found in abandoned home

DALLAS, Texas: The Dallas Police have announced that two emperor tamarin monkeys that disappeared earlier this week from the Dallas ...

Ireland navy falls to four ships, reels from staff shortages

DUBLIN, Ireland: The Irish Navy has reported that it canceled 12 of 26 patrols scheduled for January, primarily due to ...

At US urging, Japan to stop exporting chip technology to China

TOKYO, Japan: Japan is preparing to revise legislation to allow it to restrict the export of advanced semiconductor manufacturing equipment ...

Hydrogen takes steps to develop hydrogen fuel cells for cars, trucks

TOKYO, Japan: Honda has announced that it will manufacture a new hydrogen fuel cell system, which was jointly developed with ...

Caribbean

Section