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Inflation in the U.S. increased in September resulting in higher prices at the grocery store. (Photo by Jim WATSON / AFP) (Photo by JIM WATSON/AFP via Getty Images)

Inflation in the U.S. increased in September, according to a report released Friday by the Bureau of Labor Statistics. Consumers are paying more for gas, food and groceries.

CPI inflation report

By the numbers:

The Labor Department said consumer prices rose 3% in September compared to last year, the highest since January’s 2.9% increase. On a monthly basis, prices decreased by 0.1% from August to September, after rising 0.2% the previous month.

The figures are better than what many economists forecast and are welcome news for Federal Reserve officials, who have signaled that they will cut their key interest rate

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