Inflation was flat in October from the prior month
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Posted On: 11/28/2023 8:26:53 AM
Inflation was flat in October from the prior month, core CPI hits two-year low
KEY POINTS
The consumer price index was flat in October from the previous month but increased 3.2% from a year ago. Both were below Wall Street estimates, sparking a major rally on Wall Street.
Excluding volatile food and energy prices, the core CPI rose 0.2% and 4%, against the forecast of 0.3% and 4.1%. The annual rate was the smallest increase since September 2021.
The flat reading on the headline CPI came as energy prices declined 2.5% for the month, offsetting a 0.3% increase in the food index.
Following the report, traders took any potential Fed rate hikes almost completely off the table, according to CME Group data.
KEY POINTS
The consumer price index was flat in October from the previous month but increased 3.2% from a year ago. Both were below Wall Street estimates, sparking a major rally on Wall Street.
Excluding volatile food and energy prices, the core CPI rose 0.2% and 4%, against the forecast of 0.3% and 4.1%. The annual rate was the smallest increase since September 2021.
The flat reading on the headline CPI came as energy prices declined 2.5% for the month, offsetting a 0.3% increase in the food index.
Following the report, traders took any potential Fed rate hikes almost completely off the table, according to CME Group data.
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