U.S. consumer prices rose 3.7% in the year through September, accelerating from the prior month as energy costs surged, according to Labor Department data released Wednesday, Oct. 14. Prices increased 0.6% from August to September. The rise in energy prices, which the report linked to the U.S. war with Iran, is increasing costs for households and businesses. Heating oil prices were up 74% over the past year, adding pressure for New England residents who rely on the fuel. Excluding food and energy, core inflation reached 2.6% annually, also higher than in August. The Social Security Administration announced the same day that benefits will increase 3.6% in 2027. The annual cost-of-living adjustment is calculated using prices from July through September and will mean roughly $75 more per month for the average recipient. The increase offers some relief, but advocates say the formula may not match older adults’ expenses, particularly health care. AARP CEO Myechia Minter-Jordan said the adjustment would help recipients manage groceries, bills and medical costs. Max Richtman, who leads the National Committee to Preserve Social Security and Medicare, said it would not be enough for many seniors to maintain their financial footing. Workers are also falling behind: average wages rose 3% in September from a year earlier, less than the rate of inflation. Economists cited rising fuel costs, tariffs and geopolitical conflict as pressures that could keep prices elevated. Cleveland Federal Reserve President Beth Hammack has warned that businesses raising prices in anticipation of future costs could reinforce expectations of continued inflation. Federal Reserve policymakers are due to consider the new data at their meeting in two weeks. Investors see roughly even odds of an interest-rate increase in October, a possible step to restrain inflation that could also make borrowing more expensive for households and businesses.