Extra! Breaking News
October Inflation Runs Hotter Than Expected as Shelter and Food Prices Jump
Consumer prices rose 0.4% in the first inflation report since the midterms, raising the odds of a December rate hike.
By VICTORIA CHENStaff Correspondent · WASHINGTON · Nov 10, 8:45 AM · 1 min. read
Illustration · Liberty Bell Report
Prices kept climbing in October, and a little faster than Wall Street expected.
The consumer price index rose 0.4% from September, the Labor Department said Tuesday, as shelter and food prices jumped. The increase was slightly above forecasts but below September's 0.6% rise.
There is a hole in the data. The Bureau of Labor Statistics could not say how much prices rose over the past year, because last year's government shutdown wiped out the comparison month.
It was the first inflation report since midterm elections that hinged on affordability, and it lands with the Federal Reserve already leaning toward another rate increase. CBS News reported the hotter reading raised expectations of a hike at the Fed's December meeting.
For families, the numbers confirm what the grocery receipt already says. Rent and food, the two bills nobody can skip, are still going up.
Sources
- Breitbart: Consumer Prices Rise More Than Expected as Shelter and Food Prices Jump (link)
- Just the News: Consumer prices increase at annualized rate of 0.4% in October (link)
- The Center Square: Prices up 0.4% in October; shutdown wiped out annual inflation rate (link)
- The Washington Times: Inflation rose 0.4% in October, gov't says, as Fed weighs rate increase (link)
- CBS News: Inflation remained elevated in October, CPI report shows (link)
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