Inflation rises to 2.2% in September as fuel prices climb
SPY•Annual inflation rose to 2.2% in September from 2% in August, driven by higher fuel prices and rents. Fuel prices increased 31.5% year over year.
1. Inflation and fuel costs
Annual inflation rose to 2.2% in September from 2% in August, driven by higher fuel prices and rents. Fuel prices climbed 31.5% year over year as uncertainty over Middle Eastern energy supplies pushed costs higher.
2. Prices and interest rates
Food prices fell 2.2% year over year but remained about 30% above levels at the start of 2021. The European Central Bank could raise interest rates again in December, depending on energy prices and developments in the Middle East. Monthly living costs for an average family of two adults and two children have risen approximately 5,000 kr. since early 2021.
