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So much for the hope that inflation, once unleashed, would be easy to reduce. That mirage vanished Thursday with the September report that showed a rebound in prices from July and August. The Federal Reserve has a lot more monetary tightening to do.
The consumer-price index rose 0.4% in September, after two flat months owing largely to falling energy prices. Gasoline prices kept falling in September, but the decline was swamped by rising prices for other goods and services. The 12-month price rise stayed at a very high 8.2%.
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