Updated

The U.S. consumer price index rose 3.7% in September 2026, driven largely by higher gasoline and energy prices stemming from the ongoing Iran conflict. The persistence of elevated inflation has raised concern at the Federal Reserve that consumers may increasingly expect structurally higher prices, complicating the central bank's policy path. The report adds to market anxiety about the trajectory of interest rates and comes as conflicts in Ukraine and Iran continue to create ripple effects across global energy markets, including volatile diesel and fuel prices that are complicating the Trump administration's energy policy calculations.