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US inflation hits 2.6% year-on-year in October, but core inflation remains at 3.3%
Wednesday, November 13, 2024 - 11:00
Fuente: Reuters

Food prices also rose by 2.1% year-on-year, while energy prices were 4.9% cheaper than twelve months earlier.

The US Consumer Price Index (CPI) rose 2.6% year-on-year in October, up two-tenths of a point from the previous year, the Department of Labor's Bureau of Labor Statistics reported on Wednesday.

However, the underlying index, which excludes food and energy prices from its calculation due to their greater volatility, closed the tenth month of 2024 with an increase of 3.3%, unchanged.

Food prices rose 2.1% year-on-year, while energy prices were 4.9% cheaper than 12 months earlier.

On a monthly basis, the overall index rate rose by 0.2% in October, the same amount as in July, August and September, while the underlying rate rose by 0.3%, the same as in the two previous months.

Markets are keeping an eye on October's data as it could provide clues as to whether the US Federal Reserve (Fed) will normalise monetary policy, although its preferred variable for monitoring the cost of living is the personal consumption expenditure (PCE) price index.

MONETARY POLICY

The Federal Open Market Committee (FOMC) of the Fed decided on November 7 to lower interest rates for the second time since March 2020 to the target range of between 4.50% and 4.75%.

The Fed stressed in its statement that the risks to optimizing employment and prices were "roughly balanced" and that, in view of future meetings, it would be attentive to incoming data, the evolution of the macroeconomic environment and the balance of risks.

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