US CPI rises by 0.2pc in October
By Iain Gilbert
Date: Wednesday 13 Nov 2024
(Sharecast News) - The US consumer price index increased to 315.66 points in October, according to the Bureau of Labor Statistics, up from 315.30 points in September.
On a monthly basis, CPI rose by 0.2%, in line with both the previous three months and analysts' expectations, while the annual inflation rate increased to 2.6% in October, up from 2.4% in September.
Core inflation, which strips out volatile food and energy prices, was up 3.3% on annualised basis and 0.3% on a monthly basis.
ADSS' Srijan Katyal said: "Inflation appears to be remaining stable following the elevated levels seen earlier in the year, with October's year-on-year CPI coming in at the forecasted 2.6%. This reading has slightly disrupted the disinflationary pattern we have seen in the last few months, but continues to remain stable around the targeted level.
"This pattern (along with unexpectedly weak jobs market data reported earlier in the month) will likely reassure the Federal Reserve that their recent 25 basis point reduction in the interest rate was the correct course of action."
Reporting by Iain Gilbert at Sharecast.com
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