Falling gasoline prices were not enough to offset higher food and shelter prices in September, contributing to a hotter-than-expected inflation print.
The gasoline index decreased 4.1% last month, compared to a decline of 0.6% in the prior month, according to Bureau of Labor Statistics data released Thursday.
On an annualized basis, gasoline prices dropped 15.3%, while the energy index as a whole decreased 6.8%.
The Consumer Price Index (CPI) rose 0.2% over the prior year last month. On an annualized basis, it increased 2.4%.
Prices at the pump have ticked slightly higher in recent days following a downward trend in September.
On Thursday, the national average for gasoline stood at $3.21 per gallon, down roughly $0.47 compared to the same day last year, according to AAA data.
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Concerns over weak demand sent oil prices lower last month. But escalating tensions in the Middle East have kept the futures market volatile to begin October.
On Thursday, West Texas Intermediate (CL=F) traded near $74 per barrel, while Brent (BZ=F), the international benchmark price, hovered around $77 per barrel.
The energy index as a whole declined 1.9% month over month. The BLS data also noted that the rest of the energy components were mixed in terms of price pressures, as fuel oil declined by 6% but electricity and natural each rose by 0.7%.
Ines Ferre is a senior business reporter for Yahoo Finance. Follow her on X at @ines_ferre.
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