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MNI BRIEF: US Oct CPI 0.4%, Core 0.3%; Unexpectedly Weaker

(MNI) WASHINGTON

A slower rate of increase in CPI will feed the case for moderating the pace of rate hikes.

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U.S. October CPI rose a weaker-than-expected 0.4% from a month earlier and 7.7% from a year ago, while core CPI added 0.3% on the month, the weakest since September 2021, and 6.3% on the year. The data adds to Federal Reserve policymakers' case for beginning to slow the pace of interest rate increases next month. (See: MNI INTERVIEW: Fed's Barkin-Prices May Force Higher Rates Peak)

Core goods prices retreated to a seven-month low of -0.4% on the month while core services prices slowed sharply to 0.5%, a three month low. The shelter index, which jumped 0.8%, contributed over half of the headline increase for the month, the Labor Department said. Stocks rallied sharply on the data and the yield curve surged steeper.


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U.S. October CPI rose a weaker-than-expected 0.4% from a month earlier and 7.7% from a year ago, while core CPI added 0.3% on the month, the weakest since September 2021, and 6.3% on the year. The data adds to Federal Reserve policymakers' case for beginning to slow the pace of interest rate increases next month. (See: MNI INTERVIEW: Fed's Barkin-Prices May Force Higher Rates Peak)

Core goods prices retreated to a seven-month low of -0.4% on the month while core services prices slowed sharply to 0.5%, a three month low. The shelter index, which jumped 0.8%, contributed over half of the headline increase for the month, the Labor Department said. Stocks rallied sharply on the data and the yield curve surged steeper.