US inflation rises before midterm elections, fuelling rate hike fears

Did Iran capture a US submarine? United States consumer prices jumped in September in the final inflation report before the midterm elections, increasing chances of an interest rate hike later this month. Annual inflation accelerated to 3.7 percent, up from 3.4 percent in August. On a monthly basis, prices rose by 0.6 percent, according to the Consumer Price Index report released by the Labor Department's Bureau of Labor Statistics (BLS) on Wednesday. Petrol prices rose 9.1 percent in September, accounting for more than half of the CPI monthly increase, according to the BLS.