Summary:
October inflation rose as expected, according to the Bureau of Labor Statistics, with core consumer prices also aligning with forecasts.
US CPI Nov
11/12/2024 (Wed)
Previous: 2.6% Forecast: 2.7%
Inflation perked up in October though pretty much in line with Wall Street expectations, the Bureau of Labor Statistics reported. Core consumer prices also met forecasts.
Despite signs of inflation moderating elsewhere, shelter prices continued to be a major contributor to the CPI move. Inflation-adjusted average hourly earnings increased 0.1% for the month.
The 12-month rate of a 2.6% took inflation further away from the Fed's 2% goal and could complicate the central bank's monetary policy strategy going forward.
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