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Inflation Likely Dropped in September

The cost of living may have decreased for U.S. residents last month.

In a welcome development for economically battered consumers, a survey from Bloomberg News showed that the cost of living probably became more manageable for U.S. residents last month.

While prices did increase, it was by the smallest amount seen in three months - rising just 0.3 percent, the source says.

However, The Associated Press reports that the cost of wholesale items were pushed higher last month - a trickle-down effect of rising gas prices. The source points to the Producer Price Index, a metric that reveals the cost increases that consumers have yet to see. Gas rose to the highest level seen since March, while energy prices grew 2.3 percent and the overall index climbed 0.8 percent higher.

But Neil Dutta, a Bank of America consultant that was interviewed by the source, said that rather than being a sign that more inflation is on the horizon, this jump in wholesale prices is just a one-time occurrence.

"Is this a harbinger of broad-based inflation that is about to hit the U.S. consumer? … Don't count it," he said.