Shoppers hoping for a respite from rising inflation were again disappointed in September, as prices ballooned again, far overshooting the Federal Reserve’s target rate.

The Consumer Price Index (CPI), which measures the cost of goods and services across the United States, rose by a seasonally adjusted 0.6 percent last month and a headline 3.7 percent over the past 12 months, according to the report from the Bureau of Labor Statistics released Wednesday. Economists had projected a headline rate of 3.6 percent.

By comparison, the annual rate of inflation seen in August was 3.4 percent, while the core rate was 2.4 percent.

With mercurial energy and food costs removed from the equation, the CPI rose 0.3 percent during September and 2.6 percent from the previous 12 months, beating out economists’ projections of 0.2 percent and 2.5 percent, respectively, for the time period.

Not surprisingly, the ballooning price of oil was the driving force behind the inflationary bump as the war in Iran rages on and energy exports remain tied up in the Strait of Hormuz. On Friday, President Donald Trump made a stunning about-face in temporarily drawing down sanctions on Russian oil exports and making a deal with President Vladimir Putin to purchase over 300,000 tons of diesel in an effort to lower domestic gas prices.

1 percent in September, accounting for more than half of the all-items increase for the month.

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