U.S. inflation rate rises to 13-year high of 5.4%

The U.S. inflation rate rose to a 13-year high in September as rising costs for food and shelter pushed the rate up to 5.4 per cent.

Higher prices for food and shelter made up half of the increase in the overall rate, the U.S. Bureau of Labour Statistics said in a release. But the biggest individual category increase was energy, the cost of which has risen by almost 25 per cent in the past year.

Economists were expecting the number to come in at around 5.3 per cent, which would have been the highest rate since 2013. But the figure ended up being higher than it's been since 2008, right before the financial crisis.

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