Federal Reserve is likely to hold interest rates steady in October. Here's what that means for consumers

The Federal Reserve is expected to leave interest rates unchanged at its upcoming October meeting — even as higher energy costs complicate the inflation outlook and put additional pressure on household budgets. The consumer price index , a broad measure of inflation, rose again in September, bringing the annual inflation rate up to 3.7%. Surging oil prices stemming from the U.S. war with Iran also helped drive September's producer price index higher. On Friday, Brent crude oil was trading at a five-month high before falling slightly. The Fed raised rates by 25 basis points to a range of 3.75% to 4% last month, its first hike since 2023 .