It's the lowest annual inflation reading since January.
The Consumer Price Index rose 7.7% for the year ending in October, a much slower pace of increase than the 8% economists had expected.The Consumer Price Index rose 7.7% for the year ending in October, a much slower pace of increase than the 8% economists had expected and the lowest annual inflation reading since January.
Fed funds futures are now pricing in a nearly 80% chance of a half-point increase, at the Fed's December policymaking meeting, smaller than the three-quarters of a percentage point increases the Fed announced at the previous four meetings. Month-on-month, core CPI increased 0.3%. It had logged monthly increases of 0.6% in both August and September.
Thursday's CPI report marked an improvement from a stretch of hotter-than-expected inflation readings, but the pervasiveness of price increases remains problematic for consumers, businesses and the Biden administration.
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