Inflation, oil and winter bills dominated the money news this week. How closely were you following? Test yourself with five quick questions, then open each answer to check.
Question 1: US inflation
The US Bureau of Labor Statistics published September’s consumer price index on October 14. What was the annual inflation rate?
- A. 2.6%
- B. 3.7%
- C. 3.4%
- D. 4.2%
Show the answer
Answer: B. Consumer prices rose 3.7% in the year to September, up from 3.4% in August and above the 3.6% economists expected. Prices rose 0.6% in the month alone, with petrol and other energy costs doing most of the damage, while core inflation (excluding food and energy) was 2.6%. More in our Morning Briefing of October 15 and the BLS release.
Question 2: Social Security
The Social Security Administration announced its cost-of-living adjustment (COLA) for 2027. How much will benefits rise from January?
- A. 2.5%
- B. 2.8%
- C. 3.6%
- D. 8.7%
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Answer: C. Benefits rise 3.6%, worth about $75 a month for the average retiree, according to the SSA. That is more than the 2.8% COLA for 2026, though far below the 8.7% of 2023. The adjustment follows the CPI-W price index, so it is meant to protect buying power rather than give retirees extra money. See our explainer Social Security’s 3.6% raise: what a COLA really does.
Question 3: Wholesale prices
A day after the consumer figures, the US producer price index (PPI) for final demand was released. How much did it rise in September?
- A. 1.3%
- B. 0.6%
- C. 0.3%
- D. 2.5%
Show the answer
Answer: A. Producer prices jumped 1.3% in September, more than double the 0.6% forecast and the largest monthly rise since March 2022, according to the BLS. Energy prices for businesses climbed 10.8% in the month, and producer prices were up 6.3% on the year, a sign that cost pressures could keep reaching shoppers. Read our Morning Briefing of October 16.
Question 4: Oil
On Friday, October 16, Brent crude briefly touched a level it had not reached since May. Which one?
- A. $95 a barrel
- B. $100 a barrel
- C. $125 a barrel
- D. $110 a barrel
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Answer: D. Brent touched $110 for the first time since May and settled at $109.86, up 3.7% on the day, as Houthi strikes on Saudi Arabia and attacks on Russian energy sites revived supply fears, Reuters and Rigzone reported. Higher crude tends to feed through to petrol, diesel and heating-oil prices within weeks. More in our Morning Briefing of October 17.
Question 5: Heating bills
States such as Maine and Connecticut received federal home heating aid for the coming winter much earlier than last year. Which program provides it?
- A. SNAP
- B. LIHEAP
- C. SSI
- D. Medicaid
Show the answer
Answer: B. The Low Income Home Energy Assistance Program (LIHEAP) helps lower-income households pay heating and cooling bills, usually by paying fuel dealers or utilities directly. Maine was allocated about $36.7 million and Connecticut said $75.3 million had been released, while last winter a government shutdown delayed the money until after Thanksgiving. Our guide HHS releases heating aid early: what it means for you explains how to apply.
How did you do? 5/5: you’re a markets pro · 3–4: well informed · 0–2: catch up with our Morning Briefing.
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Written by The Daily Economy editorial team with AI assistance and checked against the linked sources. Read our editorial policy.