Dollar rises after US inflation data for September

The US dollar rose on Wednesday against several major currencies after official data showed consumer prices in the United States increased in September, supported by higher gasoline costs.

The US Bureau of Labor Statistics reported that the Consumer Price Index climbed by 0.6% in September, compared to a 0.4% increase in August. On an annual basis, the index rose 3.7% through the end of September, up from a 3.4% yearly increase in August.

In latest trading, the dollar gained 0.28% against the Japanese yen to reach 158.74 yen. The US Dollar Index, which measures the greenback against six major currencies, rose 0.44% to 102.62 points.

The data also reinforced expectations that US interest rates could be raised later this month.