The Consumer Price Index climbed 3% in September from a year earlier, coming in below economists' forecasts as the impact of President Trump's tariffs remain muted.

By the numbers

Economists polled by financial data firm FactSet had forecast CPI rose at a 3.1% annual clip last month. The CPI measures price changes in a basket of goods and services typically bought by consumers.

While most federal economic data releases have been suspended during the government shutdown, the Department of Labor is making an exception for the September CPI data. That's because the inflation rate is needed to determine the Social Security Administration's annual cost-of-living adjustment for beneficiaries, which is also scheduled to be announced on Friday.

What economists say

Inflation is inching hig

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