The Labor Department announced on Tuesday the U.S. consumer price index (CPI) rose 0.2 percent m-o-m in September after increasing 0.4 percent m-o-m in the previous month.

Over the last 12 months, the CPI increased 1.4 percent y-o-y last month, following an unrevised 1.3 percent m-o-m gain in the 12 months through August. This was the highest reading since March.

Economists had forecast the CPI to gain 0.2 percent m-o-m and to climb 1.4 percent y-o-y in the 12-month period.

According to the report, the index for used cars and trucks surged 6.7 percent m-o-m in September (its largest monthly increase since February 1969) and accounted for most of the monthly advance in the seasonally adjusted all items index. The energy index climbed 0.8 percent m-o-m in September, while the food index was flat m-o-m.

Meanwhile, the core CPI excluding volatile food and fuel costs also rose 0.2 percent m-o-m in September after an unrevised 0.4 percent m-o-m increase in the previous month.

In the 12 months through September, the core CPI surged 1.7 percent, the same pace as in the 12 months ending August.

Economists had forecast the core CPI to edge up 0.2 percent m-o-m and to rise 1.8 percent y-o-y last month.