Wednesday's closely watched reading on consumer prices could show intensifying inflationary pressures as energy costs keep climbing.
Economists polled by Dow Jones expect the headline consumer price index for September to rise 0.6% for the month and to increase 3.6% compared with a year ago. That 12-month number would signal that the rate of price growth is accelerating and moving further from the Federal Reserve's goal of 2%.
So-called core inflation, which strips out volatile food and energy prices, is expected to increase 0.2% from August and 2.5% on a 12-month basis. While that would mark a slight slowdown from the prior month, it would be an uptick in year-over-year inflation.
Oil-related prices could drive the headline figure even higher, said Joe Brusuelas, chief economist at RSM, a tax firm.
Energy costs have been among the biggest drivers of inflation since the U.S. war with Iran began earlier this year. President Donald Trump last week announced loosened diesel restrictions on Russia in a bid to juice the global oil trade, though analysts don't believe it will meaningfully bring down prices.