September data shows core inflation rate at 2.8 percent

The Commerce Department revealed on Friday that core consumer prices, excluding food and energy, rose by 2.8 percent compared to the same month last year. On a monthly basis, prices increased by 0.2 percent.

Total consumer spending reached $65.1 billion, with most of the increase driven by services. Housing and utility expenses surged 15.4 percent, health care costs rose 12.6 percent, financial services and insurance grew by 12.5 percent, and spending on food services and accommodations climbed 8.2 percent.

The department noted that the largest spending jump, 17.2 percent, was linked to gas and other energy items. Consumers allocated $63.0 billion to services and $2.1 billion to goods.

Affordability concerns have recently become a significant issue, with many Americans reporting the highest cost of living in years. Public surveys indicate that more citizens feel prices have risen under President Trumps administration rather than fallen. Despite this, the president has dismissed poll results, stating that the economy is the strongest it has ever been.

Administration officials, including Agriculture Secretary Brooke Rollins, have emphasized the president's commitment to reducing the cost of food and other essentials. Vice President Vance noted that while the administration acknowledges rising prices, it also points to prior policies as a contributing factor.

Author: Olivia Parker