September Inflation Report Expected to Show Prices Rising Near 3.6% for the Year

The Bureau of Labor Statistics releases its September Consumer Price Index report at 8:30 a.m. Eastern on October 14, with forecasters expecting headline inflation up 0.6% for the month and about 3.6% year over year, according to Kiplinger.

Core CPI, which excludes food and energy, is forecast to rise a more modest 0.2% for the month and 2.5% for the year, down slightly from August's pace.

The report follows the Federal Reserve's mid-September rate hike, its first in three years, after August's CPI reading came in "uncomfortably high" on higher gas, fuel oil, shelter and airfare costs. Markets are currently pricing roughly an 80% probability the Fed holds rates steady at its October 28 meeting.

Wells Fargo economists expect the CPI rose 0.59% in September on a sharp jump in gasoline prices, while UBS projects a stronger 0.56% headline increase alongside a softer 0.19% core reading, which they say would give the Fed "room to wait" on further hikes.