Economists expect prices to have risen 3.1% in September, which would mark a slight increase from a 2.9% year-over-year increase recorded a month prior. The anticipated reading would amount to the highest inflation since May 2024.

The cost of living got even more expensive for Americans last month, with prices rising at the fastest pace since the start of the year.

The latest inflation report may or may not have an adverse impact on mortgage rates. It's too soon to tell definitively. But it won't help ease the Fed toward additional rate cuts, and it could complicate the mortgage rate climate more than it already is.

The inflation report helps the Federal Reserve make rate change decisions, but the shutdown has interrupted data gathering.

Better-than-expected inflation data Friday morning sparked an end-of-week rally in stocks, sending the Dow, S&P 500 and tech-heavy Nasdaq Composite soaring to fresh record highs.

ABC News’ Alex Presha spoke with Martha Gimbel, executive director and co-founder of the Budget Lab at Yale, about what the new inflation report means and what could influence prices going forward.

The government shutdown likely means there won’t be an inflation report next month for the first time in more than seven decades, the White House said Friday, leaving Wall Street and the Federal Reserve without crucial information about consumer prices.

The news that inflation could be worse is hardly comforting for millions of Americans still flabbergasted at the prices of necessities like food, housing and insurance.