US Consumer Prices Rise Faster Than Expected in October
US consumer prices increased more than expected in October due to higher costs for food and accommodation. The persistent inflation pressures cemented expectations that the Federal Reserve will raise interest rates next month.
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United States consumer prices rose 0.4% in October, marking the third straight month of brisk increases driven by shelter and food costs. The Consumer Price Index report from the Labor Department on Tuesday cements expectations that the Federal Reserve will raise interest rates next month. Investors are pricing in an 89% chance of a 25-basis-point rate hike at the December meeting.
