Prices consumers pay for a wide variety of goods and services rose more than expected in September as inflation pressures continued to weigh on the U.S. economy.
The consumer price index increased 0.4% for the month, more than the 0.3% Dow Jones estimate, according to the Bureau of Labor Statistics. On a 12-month basis, so-called headline inflation was up 8.2%, off its peak around 9% in June but still hovering near the highest levels since the early 1980s.
Experts said prices are not likely to drop any time soon.
"There's a lag," said Robert Chapman Wood, a San Jose State University business professor. "It takes six months or so for raising interest rates to have any substantial effect."
So where do we go from here?
Economists said interest rates are likely to rise again in the near future, which means the debt you pay on credit cards will go up. Mortgage rates are also likely to continue rising.
NBC Bay Area business and tech reporter Scott Budman has more in his video report above.
CNBC contributed to this article.
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