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September consumer prices rose 3.7% from a year earlier, exceeding the 3.6% forecast and up from 3.4% in August.
The surprise jump in inflation has pushed Treasury yields higher and placed another Federal Reserve rate hike back in play for October, sending the S&P 500 lower in premarket trading.
Core inflation also came in above forecasts. Most traders had previously expected the Fed to hold off on its next move until December, but the new data led them to raise the odds of an action this month.
The Fed already lifted its upper target to 4% from 3.75% in September. The S&P 500 is headed for a lower open, with premarket trading in funds tracking the index down 0.3%.
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