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Consumer price index rises, Apple releases new iPhones: What today’s headlines mean for your money

The markets rose on Monday, Apple is holding an event to launch four new iPhones, and more of what today’s news means for your money.

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People purchase Apple products in the new Apple flagship store on its opening day following an outbreak of the coronavirus disease (COVID-19) in Sanlitun in Beijing, China, July 17, 2020.
Thomas Peter | Reuters

Tech led the market higher Monday, and the consumer price index rose in September. Meanwhile, Apple is set to release its new line of iPhones Tuesday. Here's how the headlines could affect your money.

Tech leads markets higher Monday

All three major indexes were up on Monday led by rallying tech shares: The Nasdaq had its best day since September. Investors have been paying close attention to ongoing stimulus package talks between the White House and Democrats.

U.S. consumer prices rose in September

The consumer price index (CPI) rose 0.2% in September, according to the Labor Department. That's the fourth month in a row the CPI has increased, after jumps of 0.4% in August and 0.6% in both June and July. Its pace is slowing down, however, in response to slack in the economy during the coronavirus pandemic.

The CPI measures the change in consumer good prices over time, which can affect more than the prices of what you buy. The Federal Reserve monitors CPI, adjusting its own interest rates accordingly to control inflation. This can ultimately affect mortgage and loan rates and even your earnings.

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Apple reveals new iPhone lineup

Apple's highly anticipated iPhone launch event is Tuesday. Analysts expect the company will unveil a new exterior design for the phone, four different types of iPhones in different sizes and with different prices, and faster 5G cellular network capabilities on some models.

When can you get your hands on a new phone? The pandemic has affected manufacturing, so while some models may go on sale soon after the event, others may take longer to hit shelves. 

You can pick up deals on older phones, though: When new iPhones launch, Apple typically sells last year's models at a discount.

Words you've heard: economic slack

Economic slack measures the amount of resources that aren't being used in the economy, like equipment at factories or people out of work. Typically, economic slack is an indicator of the latter. Experts think the CPI's rise might be slowing because of current economic slack.

Although the daily news can have an impact on your wallet, remember to take a long-term outlook when it comes to decisions on spending, saving, and investing.

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