US inflation rises before midterm elections, fuelling rate hike fears

US consumer prices rose in September, with annual inflation accelerating to 3.7% from 3.4% in August. The surge was driven by higher petrol prices, which increased by 9.1% in September due to tensions involving Iran, Russia, and Ukraine affecting global energy markets. The average petrol price is now $4.33 per gallon, up from $4.31 the previous month, with diesel prices at $6.29 per gallon. Shelter costs increased by 0.4%, while food prices remained unchanged.