Inflation rises 2.6% in October, in line with expectations

Published On Nov 13, 2024, 8:32 AM

The Labor Department reported that inflation in October rose by 2.6% compared to the previous year, consistent with economists' expectations. The Consumer Price Index (CPI) showed a 0.2% increase from September. Core prices, excluding food and energy, rose by 0.3% monthly and 3.3% annually. Rising costs in shelter and transportation are the main contributors to the inflation figures, indicating persistent pressure on household finances, especially for lower-income Americans who spend a larger portion of their income on necessities.

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Stock Forecasts

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Negative

Due to the persistent inflation, interest rates may remain elevated, impacting various sectors. Inflation pressures could keep consumer spending constrained, which might negatively affect consumer-driven companies. However, sectors that can pass on costs might see stability. Overall, the broad market sentiment could lean negative in the short term as the market absorbs this data.

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