US inflation rose 3.7% in September — higher than economists predicted

Published

2 years ago

October 13, 2023

admin

US inflation rose 3.7% in September, more than economists expected and still well above the Federal Reserve’s 2% target, as the central bank weighs whether to hike interest rates again by year’s end.

The reading for the Consumer Price Index a closely watched measure of inflation that tracks changes in the costs of everyday goods and services matches the reading in August, and is slightly above the 3.6% advance that economists expected, according to data by the Bureau of Labor Statistics released Thursday.

On a monthly basis, inflation slowed to 0.4% from 0.6% in August, partly because of lower pressure from energy prices.

However, core CPI a number that excludes volatile food and energy prices and serves as a closely watched gauge among policymakers for long-term trends held steady at 0.3% month to month and rose 4.1% from a year ago, in line with expectations.

Though September’s CPI is also a cooldown from inflation’s 9.1% peak in June 2022, it still remains well above the Fed’s 2% goal. Stock futures dropped ahead of the market opening as traders increased their bets of another rate hike to around 50%, up from 30% earlier this week.

“The bigger picture is that the trend is still quite encouraging, but the fight continues,” said Olu Sonola, head of US regional economics at Fitch Ratings in New York. “They [Fed officials] may now want to extend the pause to December, given the recent increase in long-term rates.”

The gasoline index’s 2.1% advance was also a large contributor to the CPI, the data showed, though the federal agency said shelter’s 0.2% increase accounted for over half of the increase.

Gasoline experienced an eye-watering 10.6% increase last month, when AAA figures showed that the average price for a gallon of gas was $3.85.

As of Thursday, a gallon of gas in the US averages $3.65, according to AAA.

While many investors had been willing to look past the volatile energy numbers, a surprisingly resilient labor market has some worried that inflation could be more stubborn.

September’s employment report revealed that the US economy added a whopping 336,000 jobs last month — an unexpected surge that contradicts the notion the Fed may tamp down its aggressive tightening regime.

The blowout number was nearly double the 170,000 jobs economists had expected, and also sharply higher than an upwardly revised 227,000 jobs added in August, according to fresh data released by the Bureau of Labor Statistics last week.

The news sent yields on US Treasury bonds to their highest levels in 16 years and sent the Dow Jones Industrial Average into the red for 2023.

Since inflation hit a four-decade peak last summer, the central bank has worked to bring the stubborn figure down by hiking rates another 25 basis points to a 22-year high in August in hopes of an economic slowdown.

The benchmark federal funds rate currently sits between 5.25% and 5.5%. Last month, Fed officials unanimously decided to hold the record-high rate steady for the second time in six policy meetings so far this year.

But thanks to a strong labor market, the US economy has avoided a downturn, and even the Fed has said its no longer predicting the economy will slip into a recession by the end of the year.

“We must wait for more data to see if this is just a blip or if there is something more fundamental driving the increase such as higher rent increases in larger cities offsetting softer increases in smaller cities,” said US Bank of America Securities economist Stephen Juneau.

“When deciding whether to raise rates one last time this year, the FOMC will be asking whether inflation needs another nudge or if its getting to 2% on its own. Its increasingly looking like the latter,” NerdWallet data analyst Elizabeth Renter told The Post.

“The Fed, astheyreall too happy to remind us, is laser focused on getting inflation down to 2%.”

Fed Chair Jerome Powell has said central bankers will be taking a data-dependent approach moving forward, leaving more interest rate hikes before years end up in the air.

Markets were spooked ahead of the jobs report, falling more than 1% when the Labor Department released its Job Openings and Labor Turnover Summary, which showed job openings increased to 9.61 million in August up from 8.9 million in July.

With Post wires.

UK

How a cup of coffee led Sky News to a sex offender on the run

Published

1 hour ago

November 8, 2025

admin

How a cup of coffee led Sky News to a sex offender on the run

It started with a strong espresso in a simple cafe on a side street in north London.

Several Algerian men were inside, a few others were outside on the pavement, smoking.

I’d been told the wanted prisoner might be in Finsbury Park, so I ordered a coffee and asked if they’d seen him.

They were happy to tell me that some of them knew Brahim Kaddour-Cherif – the 24-year-old offender who was on the run.

One of the customers revealed to me that he’d actually seen him the night before.

“He wants to hand himself to police,” the friend said candidly.

This was the beginning of the end of a high-profile manhunt.

The Algerian convicted sex offender had been at large since 29 October, after he was mistakenly released from HMP Wandsworth in south London.

Within an hour of meeting the friend in the cafe, he had followed myself and camera operator Josh Masters to a nearby street.

We weren’t yet filming – he didn’t want any attention or fuss surrounding him.

“Follow me, he’s in the park,” the man told me.

“Follow – but not too close.”

We did.

I was in the same park a few weeks ago after fugitive Hadush Kebatu, the Ethiopian sex offender – also wrongly released from prison – was arrested in Finsbury Park.

It was odd to be back in the same spot in such similar circumstances.

Read more on Tom’s story:
Wrongly released prisoner’s angry reaction
‘I’m glad he’s been arrested‘

As he led us through the park past joggers, young families and people playing tennis, the man headed for the gates near Finsbury Park station.

All of a sudden, two police officers ran past us.

The Met had received a tip-off from a member of the public.

It was frantic. Undercover officers, uniformed cops, screeching tyres and blaring sirens. We were in the middle of the manhunt.

As they scoured the streets at speed, we walked by some of the Algerian men I’d seen in the cafe.

One man near the group was wearing green tracksuit bottoms, a beanie hat and had glasses on.

“It’s him, it’s him,” one of the other men said to me, gesturing towards him.

The man in the beanie then quickly turned on his heel and walked off.

“It’s him, it’s him,” another guy agreed.

The suspect was walking off while the police were still searching the nearby streets.

Josh and I caught up with him and I asked directly: “Are you Brahim?”

You may have watched the exchange in the Sky News video – he was in denial, evasive and pretended the suspect had pedalled off on a Lime bike.

I can only guess he knew the game was up, but for whatever reason, he was keeping up the lie.

Moments later, one of the bystanders told me “it is him” – with added urgency.

Only the prisoner knows why he then walked up to the nearby police van – officers quickly moved to handcuff him and tell him why he was being arrested.

Over the next 10 minutes, he became agitated. His story changed as I repeatedly asked if he had been the man inside HMP Wandsworth.

Officers needed confirmation too – one quickly pulled out a smartphone and checked an image of the wanted man from one of Sky News’ online platforms.

“It’s not my f****** fault, they release me!” he yelled at me.

The search was over, the prisoner cage in the back of the van was opened and he was guided in.

I then spoke to another Algerian man who had tipped off the police – he told me he hated sex offenders and the shame he felt over the whole episode.

The community had done the right thing – there were two tip-offs – one to me, one to the police.

The farce of this manhunt had gone on long enough.

UK

Nadjib, who tipped off police over released prisoner Brahim Kaddour-Cherif, tells Sky News he’s ‘happy to see him arrested’

Published

1 hour ago

November 8, 2025

admin

Nadjib, who tipped off police over released prisoner Brahim Kaddour-Cherif, tells Sky News he's 'happy to see him arrested'

“It’s him, it’s him, it’s him”, the man told me urgently.

While police were frantically searching in Finsbury Park for wanted sex offender Brahim Kaddour-Cherif, locals were telling me where he was.

Immediately after the dramatic arrest, filmed exclusively by Sky News we spoke to the North African man who tipped off the police.

Nadjib had been on the lookout for the convicted sex offender, who had been spending time in different parts of north London since his release from HMP Wandsworth.

He even had a folded-up newspaper clipping in his pocket so that he could check the picture himself.

He told Sky News he was “very happy when he got arrested”.

“I don’t like the sex offenders,” he said.

“I know him from the community. He has been around here every night since he was released from prison.”

Not only did he tip the police off about the prisoner’s whereabouts, but he also witnessed the other high-profile manhunt that ended in the same park last month.

Ethiopian asylum seeker Hadush Kebatu was also arrested in Finsbury Park after a 48-hour manhunt in the capital. He was then deported to Ethiopia.

“When he [Kebatu] got arrested in the park I was there,” Nadjib said.

I asked him why both men ended up in the same park in north London.

“Because the community, he came here for the community of Algerians,” he said.

Several Algerian people that I spoke to on Friday told me how shameful they thought it was that this sex offender was still on the run.

“Job done,” Nadjib said, before walking off.

UK

Alice Figueiredo: NHS trust and ward manager to be sentenced – over a decade after young patient’s death

Published

1 hour ago

November 8, 2025

admin

Alice Figueiredo: NHS trust and ward manager to be sentenced - over a decade after young patient's death

An NHS trust and a ward manager will be sentenced next week for health and safety failings – more than a decade after a young woman died in a secure mental health hospital.

Warning: This article contains references to suicide.

Earlier this year, a jury found the North East London NHS Foundation Trust and ward manager Benjamin Aninakwa did not do enough to prevent Alice Figueiredo from killing herself.

The decisions were reached after the joint-longest jury deliberation in English legal history.

Alice was 22 years old when she took her own life at London’s Goodmayes Hospital in July 2015.

Her parents sat through seven months of difficult and graphic evidence – and told Sky News the experience retraumatised them.

Jane Figueiredo said: “It’s very distressing, because you know that she’s been failed at every point all the way along, and you’re also reliving the suffering that she went through.

“It’s adding trauma on top of the wound that you’ve already got, the worst wound you can imagine, of losing your child.”

Alice’s stepfather Max said he remains “appalled” that she died in a place they thought would care for her.

“The fact we have these repeated deaths of very young people in secure mental health units shocks me to the core. How can society look at that event and portray it as something that happens as a matter of course?”

Ms Figueiredo said Alice had predicted her own death.

“She said to us – out of fear really: ‘The only way I’m going to leave this ward is in a body bag.’

“It’s because she did not feel safe.”

In a statement, the North East London NHS Foundation Trust said: “We are deeply sorry for Alice’s death, and we extend our heartfelt condolences to her family and loved ones.

“We have taken significant steps to continually improve the physical and social environment, deliberately designed to support recovery, safety, wellbeing, and assist our workforce in delivering compassionate care.”

For Alice’s family, the convictions have brought some justice, but they will never have complete closure.

“As a mum your bereavement doesn’t ever end, it changes over years as you go on, but it’s unending. The thought I won’t even hear her voice is unbearable and I still miss it. I still miss her voice,” Ms Figueiredo said.

Anyone feeling emotionally distressed or suicidal can call Samaritans for help on 116 123 or email jo@samaritans.org in the UK. In the US, call the Samaritans branch in your area or 1 (800) 273-TALK.