Higher energy prices drove up inflation in the United States in September, a warning shot to President Donald Trump before midterm elections that have centered primarily on affordability concerns. The uptick in consumer prices will also keep the Federal Reserve under pressure to raise interest rates for a second time this year.

The consumer price index report, released by the Bureau of Labor Statistics on Wednesday, showed that overall prices rose 0.6%, the largest monthly increase in five months. Compared with the same time last year, prices were 3.7% higher.

The bulk of the increase stemmed directly from energy prices, which have shot higher this year because of the war with Iran. That has translated into increased costs for Americans, who are paying more to fill their cars, heat their homes and travel by air.

Gasoline prices, which in late September rose to nearly $4.50 a gallon, surged 9.1% for the month. That accounted for more than half of the overall monthly increase in prices. Gas prices are up 34.2% over the past year.

Fuel oil prices, used for heating in many homes in the Northeast, have also shot higher, rising 15.3% in September, or 74.2% on an annual basis. Higher fuel costs have boosted airfares, which were up 1.2% in September, or 22.4% over the year.

Food prices were flat for the month, but over the past 12 months have risen 2.5%.

“Core” inflation, which excludes volatile energy and food prices, edged higher as well, but by a smaller magnitude. Over the course of September, these prices were up only 0.3%. Over the past year, they were up 2.6%.

Wage growth has remained relatively muted over the past year. That, combined with higher inflation, means Americans are earning less for an hour of work. Average hourly earnings, adjusted for inflation, fell 0.5% in September, and were down 0.7% from a year earlier. It was the sixth straight month of year-over-year declines in real earnings.

Average hourly earnings are now back to almost where they were when Trump was sworn into office for the second time in January 2025, meaning that, on average, Americans have experienced zero wage growth, in real terms, since he returned to the White House.

—

This article originally appeared in The New York Times.

By Colby Smith/Aaron Agosto
c. 2026 The New York Times Company