Inflation in September rose 2.4 percent from a year earlier, exceeding economists' expectations, according to a Labor Department report released Thursday.
The consumer price index (CPI), which measures costs for everyday goods such as groceries, rent, and gasoline, rose 2.4 percent year-over-year and 0.2 percent from August. Economists had forecasted an annual increase of 2.3 percent and a 0.1 percent monthly rise.
The report comes as the economy remains a critical campaign issue just weeks until the presidential election. A Gallup poll this week found that voters rank the economy as their most important issue, with former president Donald Trump holding a 9-point lead over Vice President Kamala Harris on handling the economy.
"In the last reading before the election, CPI came in hot and above expectations, revealing the Biden-Harris administration was never able to get this issue under control and back to the Federal Reserve's target rate," Alfredo Ortiz, the CEO of the conservative Job Creators Network, said in a statement.
While the inflation rate this year hit the lowest level seen during the Biden-Harris administration, it remains above the Federal Reserve's target of 2 percent.
"Under the Biden-Harris administration, inflation increased by a total of 21%," Ortiz said. "In other words, the value of the dollars in American wallets has declined by one-fifth, preventing ordinary people from making ends meet."
Core CPI, which excludes food and energy costs, climbed 3.3 percent from a year ago and 0.3 percent from the prior month, also slightly above economists' expectations of 3.2 percent and 0.2 percent, respectively.
The Federal Reserve has sought to combat the persistent inflation under the Biden-Harris administration by hiking interest rates to the highest level in 23 years. Last month, the central bank cut the rates to below 5 percent amid growing concerns over a potential recession.
"Pro-growth conservatives who believe in a sound dollar, economic growth, and deficit reduction are urgently needed in Congress and the White House to make America affordable again," Ortiz said.