Inflation rose just as expected last month.
According to the Bureau of Labour Statistics, the consumer price index (CPI) rose 0.2% month-on-month in October, and 0.2% year-on-year, right in line.
It was the first time in three months that the gauge of consumer prices rose. Headline CPI was flat in September.
Excluding fluctuating food and energy costs, core CPI rose 0.2% month-on-month, and 1.9% year-on-year.
The medical care services index jumped 0.8% month-on-month, as did cereals and bakery products. Breakfast cereal prices had the largest increase since March 2008.
Real average earnings rose 0.2%.
Stifel chief economist Lindsey Piegza noted to clients, “from a monetary policy standpoint inflation remains tame with downside risks to further weakness in prices, particularly given the recent fallout in commodities costs – copper for example is down nearly 27% over the past six months.”
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