Price pressures persisted in October
Summary
U.S. consumer prices rose 0.4% in October, down from a 0.6% increase in September. Core prices rose 0.3% for the third month in a row, a figure Fed Governor Christopher Waller had cited as a condition for considering a half-point interest rate increase next month.Key Facts
- The Consumer Price Index rose 0.4% in October, according to the Labor Department.
- Gasoline prices increased 1% in October, compared with a 9.1% jump in September.
- Core CPI, which excludes food and energy, rose 0.3% for the third straight month.
- The Labor Department did not report an official year-over-year inflation rate for October because a data gap prevented a direct comparison with October 2025.
- An estimate based on assumed October 2025 readings puts annual inflation at 4%, or 2.8% excluding food and energy.
- Waller said the Fed should consider a half-point rate increase next month if core inflation rose at least 0.3% in October.
- The two-year Treasury yield rose 0.13% on Tuesday after Waller's comments and the inflation report.
- National exit polling found nearly nine in 10 voters considered the cost of living a crucial or major factor in their midterm vote.
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