U.S. Consumer Price Index: September Increase of 3.0% Year-over-Year, but Below Market Expectations

 Recently NHK News on-line reported the following:

米 9月の消費者物価指数 前年同月比3.0％上昇も市場予想下回る

2025年10月25日午前3時08分

アメリカ

アメリカの金融政策の判断に影響を及ぼす9月の消費者物価指数が発表され、前の年の同じ月と比べて3.0％の上昇となりましたが、市場予想は下回りました。

アメリカの労働省が24日に発表した先月の消費者物価指数は、前の年の同じ月と比べて3.0％の上昇となり、前の月を0.1ポイント上回りました。

また、変動の大きい食品やエネルギーを除いたいわゆるコアの物価指数も、前の年の同じ月と比べて3.0％の上昇となり、いずれも市場予想をわずかに下回りました。

品目別にみると、ガソリンが0.5％の下落となった一方、電気代と中古車はそれぞれ5.1％上昇、外食費が3.7％、住居費が3.6％それぞれ値上がりしました。

専門家の間では、関税措置の影響がじわじわ広がっているという見方と、影響は限定的だとする見方が交錯しています。

金融市場では、FRB＝連邦準備制度理事会が雇用情勢の減速などを背景に10月下旬に開く金融政策を決める会合で0.25％の利下げを決めるとの見方が広がっていて、物価の動向はこうした判断にも影響を及ぼします。

アメリカでは政府機関の一部閉鎖の影響で経済指標の発表が見送られていますが、消費者物価指数に関しては労働省が当初の日程から延期したうえで例外的に発表しました。

Translation

U.S. Consumer Price Index: September Increase of 3.0% Year-over-Year, but Below Market Expectations

The September Consumer Price Index, which influenced U.S. monetary policy decisions, was released, showing a 3.0% increase compared to the same month last year, but below market expectations.

The U.S. Department of Labor announced last month's Consumer Price Index on the 24th, showing a 3.0% increase compared to the same month last year, 0.1 percentage point higher than the previous month.

Also, the so-called core price index, which excluded volatile items such as food and energy rose 3.0% compared to the same month last year, both of which were slightly below market expectations.

By item, gasoline fell 0.5%, while electricity bills and used cars rose 5.1%, dining out costs rose 3.7%, and housing costs rose 3.6% respectively.

Experts were divided on the view that the impact of the tariffs was gradually spreading, with some saying the impact would be limited.

In financial markets, there was a widespread view that the Federal Reserve would decide to cut interest rates by 0.25% at its monetary policy meeting in late October, due to factors such as a slowing employment situation, and price trends could also influence this decision.

In the United States, the release of economic indicators had been delayed due to the partial government shutdown. Regarding the Consumer Price Index, the Department of Labor exceptionally announced it after postponing it from the original schedule.

So, the U.S. Department of Labor announced last month's Consumer Price Index that was showing a 3.0% increase compared to the same month last year, 0.1 percentage point higher than the previous month, yet slightly below market expectations. Apparently, the performance of the US economy is being closely watched by the government as well as the investors.