Annual inflation rate hit 2.6% in October, meeting expectations
- The consumer price index increased 0.2% in October, taking the 12-month inflation rate up to 2.6%. Both numbers were in line with expectations. - The core CPI accelerated 0.3% for the month and was at 3.3% annually, also meeting forecasts. - Despite signs of inflation moderating elsewhere, shelter prices continued to be a major contributor to the CPI move. - Inflation-adjusted average hourly earnings for workers increased 0.1% for the month and 1.4% from a year ago. https://www.cnbc.com/2024/11/13/cpi-inflation-october-2024.html