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<p>The Core Consumer Price Index (CPI), which excludes food and energy prices, moved slightly higher to 4.0% on an annual basis in September to remain near a 30-year high.&nbsp; The higher Core CPI reading was driven by much broader price increases, as the temporary price shocks from the reopening continued to normalize.&nbsp;</p>
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<p>Additionally, the Underlying Inflation Gauge (UIG) from the Federal Reserve Bank of New York increased for the 15th straight month and eclipsed the 4.0% mark for the first time ever.  As shown in the chart below, the UIG has a reliable historical track record as a leading inflation gauge.  And with its readings continuing to climb higher, it is likely that inflation will not relent in the months ahead.</p>
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<div class="wp-block-image"><figure class="aligncenter size-full"><img src="https://ns2020-investech.investech.com/wp-content/uploads/2021/10/Core-CPI-vs-UIG.jpg" alt="" class="wp-image-12652"/></figure></div>
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