US consumer prices are set to have jumped once again in October as inflationary pressures seep into an ever-broader range of sectors, bolstering the Federal Reserve’s plan to press ahead with its tightening campaign.
The consumer price index is expected to have risen by another 0.6 per cent last month, according to a consensus estimate compiled by Bloomberg, up from 0.4 per cent in the previous period. Despite the monthly acceleration, the annual pace is forecast to have slowed to 7.9 per cent, down from 8.2 per cent.
Once items such as food and energy are stripped out, “core” CPI is set to have risen 0.5 per cent, just shy of the 0.6 per cent pace recorded in September. Compared to the same time last year, it would be up 6.5 per cent.