US consumer prices for urban consumers rose 3.7 percent in September from a year earlier, following 3.4 percent in August. The seasonally adjusted monthly increase was 0.6 percent, according to the Bureau of Labor Statistics release of 14 October. The core measure excluding food and energy increased 0.3 percent over the month.
For Hungarian savers holding dollar assets, the figures matter because the US interest-rate path can affect bond valuations and currency risk. The release does not establish a particular central-bank decision. When measuring an investment in forints, changes in the foreign asset price, the dollar's exchange rate against the forint and investment costs should be examined separately.
The annual comparison is unadjusted, whereas the monthly rate is seasonally adjusted: they answer different questions. Simply multiplying the monthly percentage would produce a misleading annual forecast because energy prices and seasonal effects can change. The BLS will publish October consumer-price data on 10 November at 8:30 a.m. New York time.
Related reading: our analysis of bank revenues and dollar exposure and Hungarian background on currency-conversion costs.
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Budapest Global Review: US inflation accelerates to 3.7 percent. Budapest Global Review, 14 October 2026. https://globalreview.hu/en/cikk/usa-inflacio-szeptember-2026