U.S. Inflation Dips Slightly, But “Core” Inflation Hits 40-Year High

U.S. Inflation Dips Slightly, But “Core” Inflation Hits 40-Year High

The consumer-price index dipped slightly in September to 8.2%, but inflation for “core” products — housing, healthcare, food etc. hit a new 40-year high of 6.6%

The numbers released on Thursday morning sent stock futures down and are a nightmare scenario for the Biden White House less than three weeks before the mid-term elections.

The Dow Jones Industrial opened down more than 500 points.

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Overall inflation climbed 8.2 % for the year through September -- only a slight decrease from the 8.3% recorded in August. The rate remains at near the highest level in the past 40 years.  

The implications are staggering.

The high inflation rate is likely to drive Federal Reserve Chair Jerome Powell to continue his rate hike strategy and will have a continued dampening effect on the stock market.