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NewsWPLG Local 10October 29, 2026Miami-Dade County

Commerce Department reports accelerated September inflation and 3.4% third-quarter economic growth

Photo: WPLG Local 10

Consumer prices rose 3.6% in September from a year earlier, driven by higher gas and service costs, while the economy grew at a 3.4% annual rate in the third quarter. The Commerce Department reported the data days before midterm elections, noting that inflation-adjusted after-tax incomes declined 0.3% in September.

EconomyInflationConsumer SpendingFederal ReserveElections
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Why It Matters

Rising consumer prices and growing borrowing costs directly impact household purchasing power and dictate the timeline for potential interest rate changes by the Federal Reserve.

Key Facts

  • Consumer prices rose 3.6% in September from a year earlier, up from 3.4% in August.
  • On a monthly basis, prices climbed 0.5% in September, the highest figure since May.
  • The economy grew at a strong 3.4% annual rate in the July-September quarter, faster than the 2.2% growth in the April-June quarter.
  • Core inflation, excluding volatile energy and food, increased 3.1% in September from a year ago, up from 3% in August.
  • Consumer spending climbed 3.8% at an annual rate in the third quarter.
  • Inflation-adjusted after-tax incomes declined 0.3% in September from the previous month.
  • Gasoline prices were driven up by renewed violence in the Middle East, keeping oil prices above $100 a barrel.
  • The Federal Reserve left its key interest rate unchanged prior to the release of the reports.
  • National gas prices averaged about $4.25 a gallon.

Who's Mentioned

OrganizationTD“Bank where Ksenia Bushmeneva works as an economist.”OrganizationCommerce Department“Government department that reported inflation and economic growth data.”PersonKsenia Bushmeneva“Economist at TD who provided commentary on the economic reports.”OrganizationFederal Reserve“Agency tasked with combatting inflation and monitoring price indexes.”PersonDonald Trump“President whose handling of rising prices was evaluated by voters in polls.”