Consumer prices in the United States rose by 0.2% in October, marking a 2.6% increase compared to the same period last year, as reported by the U.S. Bureau of Labor Statistics on Wednesday.
The annual inflation rate for October surpassed the previous month's 2.4% rise over a 12-month period ending in September. Despite this increase, the current rate remains significantly lower than its peak of 9.1% in June 2022.
In October, shelter costs increased by 0.4%, contributing to more than half of the monthly rise in all items. The food index also saw a rise of 0.2%, while the energy index remained unchanged after a decline of 1.9% in September.
Excluding volatile food and energy prices, inflation rose by 0.3% for October, consistent with August and September figures. Increases were noted in used cars and trucks (+2.7%), airline fares (+3.2%), medical care (+0.4%), and recreation services (+0.7%).
Conversely, decreases were observed in apparel (-1.5%), communication (-0.6%), and household furnishings and operations (-0.1%).
Annually, excluding food and energy, the index increased by 3.3% for the year ending in October; meanwhile, the energy index fell by 4.9%, and the food index rose by 2.1%.
Following the release of October's Consumer Price Index data, expectations for a potential interest rate cut of 25 basis points at the Federal Reserve's meeting on December 17-18 increased to 82%, according to CME FedWatch.
U.S stocks showed mixed performance during early trading on Wednesday after these figures were made public.
