The consumer price index, a separate measure of inflation released by the Department of Labor that was released earlier in October, had also shown inflation rising in September, with the annualized inflation rate going from 3.4% in August to 3.7% in September.

Despite the rise in prices, the US central bank on Wednesday left its benchmark interest rate in the 3.75%-4% range while acknowledging that inflation “remains elevated”.

Increasing interest rates can slow inflation, at the risk of slackening economic activity and the jobs market. Because inflation is still hot, economists expect the Fed to raise rates in December. The Fed chairman, Kevin Warsh, told reporters “economic activity is expanding ‌at a strong pace,” noting that “while uncertainty remains, owing in part to geopolitical developments, domestic spending has been resilient.”