Consumer prices increased by the most in seven months, but that is unlikely to discourage the Federal Reserve from delivering a third consecutive interest rate cut next week.
Read More US consumer prices post largest gain in seven months; cost of rent subsides
The October Consumer Price Index (CPI) report shows a 0.2% monthly rise in inflation, with a 2.6% year-over-year increase, slightly above September’s 2.4% rate.
Read More October CPI Report Shows Inflation Continues to Climb as Fed Fights to Keep Rates Steady
Wall Street’s main indexes inched higher on Wednesday after in-line consumer price inflation data kept the Federal Reserve on track to deliver another interest rate cut in December.
Read More Wall St edges higher after inflation data keeps Fed rate-cut hopes intact
Consumer prices rose slightly more than expected in September amid higher food costs, but the annual increase in inflation was the smallest in more than 3-1/2 years.
Read More Higher food prices lift US consumer prices; Hurricane Helene boosts jobless claims
U.S. central bankers will likely start long-awaited interest rate cuts next week with a quarter-of-a-percentage-point reduction.
Read More Fed expected to deliver quarter-percentage-point rate cut next week
The U.S. Federal Reserve will cut interest rates by 25 basis points at each of the remaining three meetings of 2024.
Read More Fed is predicted to deliver three quarter-point rate cuts this year: Reuters poll