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US inflation exceeds expectations before midterms
US inflation increased to 3.7% in the 12 months to September, exceeding forecasts due to rising gasoline prices amid disruptions in Middle East energy supplies linked to the US-Israel conflict with Iran. This rise in inflation, the highest since early pandemic-related peaks, reflects factors such as supply and demand imbalances, higher tariffs introduced by the US government, and increased energy costs. The data is being closely watched as it influences economic policy and upcoming midterm election debates over cost of living pressures.
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