US CPI eases to 3.2% YoY, unchanged MoM in Oct

By MG News | November 15, 2023 at 09:56 AM GMT+05:00
November 15, 2023 (MLN): The U.S. consumer price index (CPI) for the month of October 2023 rose by 3.2% YoY, as compared to the 3.7% YoY numbers in September, the latest data issued by the U.S. Bureau of labor statistics on Wednesday showed.
Meanwhile, on a sequential basis, US CPI remained unchanged with 0% MoM as compared to 0.4% in the previous month.
Consumer prices rose at a slower-than-expected pace, wherein the market was expecting 3.1% YoY and 0.1% MoM.
Moreover, Core CPI increased by 4% YoY as compared to an increase of 4.1% in the previous month, marking its lowest reading since September 2021.
Core CPI increased by 0.2% MoM as compared to an increase of 0.3% in September.
Meanwhile, CPI in the last year, October 2022 stood at 7.8% YoY, showing that the Federal Reserve with its fast-paced rate hikes and balance sheet reductions has been successful in curbing inflation to some extent.
However, it still remains above the country's 2% inflation goal.
The US stock market surged after the inflation data release, with the key US stock gauge S&P 500 closing up by 1.91% as the inflation figures boosted investor confidence that the Federal Reserve was done hiking interest rates.
Treasury yields plunged, with 2-year yields down by around 20 basis points and 10-year yields down by around 19 points.
CPI is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services.
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