Inflation ticked up in September, driven largely by rising gas prices, data shows

Consumer prices increased 3.6% in September from the same month last year, according to Commerce Department data released Thursday. From the preceding month, consumer prices in September were up 0.5%, an increase from August’s figure of 0.3%. 
Excluding food and energy, whose prices tend to be much more volatile, consumer prices in September increased 3.1% from where they were a year ago, and increased 0.3% from August. 
The Federal Reserve closely monitors the inflation gauge. At its meeting earlier this week, the Fed decided to hold rates steady, punting an expected rate hike until after the midterm elections.
Personal income increased $54.5 billion in September, according to estimates released Thursday by the U.S. Bureau of Economic Analysis. 
The Commerce Department also reported Thursday that real gross domestic product, a key U.S. economic and monetary policy measure, grew 3.4% in the third quarter, compared to the same period last year. The growth exceeded Wall Street expectations of 3.1% growth. 
Second-quarter growth was 2.2%, according to the advance estimate released Thursday by the department’s Bureau of Economic Analysis.

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