Annual consumer inflation rate in US surges to 2.6 percent in October
Date
11/14/2024 2:13:12 AM
(MENAFN) The annual consumer inflation rate in the United States increased to 2.6 percent in October, in line with market expectations, as reported by official data on Wednesday. This marked the seventh consecutive month of rising inflation, with the rate climbing from 2.4 percent in September, which had been the lowest level since February 2021. The steady rise in inflation highlights ongoing pressures in the economy.
Energy prices saw a slower decline in October, falling by 4.9 percent compared to a sharper 6.8 percent drop in September. This slowdown in the decline of energy costs was a contributing factor to the overall increase in inflation. In contrast, food prices rose at a slower pace, with a 2.1 percent year-on-year increase in October, down from 2.3 percent in September, indicating some relief in food cost pressures.
Core inflation, which excludes the volatile prices of food and energy, remained stable at 3.3 percent in October, unchanged from the previous month. This suggests that underlying inflationary pressures have not significantly shifted, maintaining a steady trend. On a monthly basis, the consumer price index rose by 0.2 percent in October, consistent with the increases seen in the previous three months, aligning with market forecasts.
In line with this, monthly core inflation also remained steady, rising by 0.3 percent, mirroring the rate from the prior months. These figures indicate that while inflation continues to persist, it is moving at a stable pace, with no significant acceleration or deceleration in core price growth. The stability in monthly inflation suggests that the Federal Reserve may face ongoing challenges in managing inflationary pressures.
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