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The Consumer Price Index (CPI) showed inflation rose 0.4% over last month and 3.7% over the prior year on a headline basis in September, a deceleration from August's 0.6% month-over-month increase and in line with August's 3.7% annual rise. Both measures were slightly higher than economist forecasts for a 0.3% month-over-month increase and a 3.6% annual increase, according to data from Bloomberg.

On a "core" basis, which strips out the more volatile costs of food and gas, prices in September climbed 4.1% over last year, a slowdown from the 4.3% annual increase seen in August. Monthly core prices rose 0.3%, on par with August.

Both measures met economist expectations.