US consumer prices rise sharply despite Federal Reserve rate increases

The rapid rise in US consumer prices showed no signs of abating in September, prompting a sharp sell-off and then rebound on Wall Street, as investors feared the Federal Reserve will have to become even more aggressive to slow rampant inflation.

The consumer price index’s core measure of inflation, which strips out volatile energy and food costs, rose 6.6 per cent on an annual basis last month, faster than the 6.3 per cent rate in…