(CNBC) October’s surge in consumer prices was driven by some factors that may linger. Market pros say the Federal Reserve may be forced to move up the timeline on its ultimate inflation-fighting tool: interest rate hikes. The consumer price index jumped 0.9% on a monthly basis, and was up 6.2% year-over-year, the fastest pace in 30 years. According to Dow Jones, economists had expected a 5.9% gain. Excluding food and energy, the increase was still high, up 0.6% or 4.6% year-over-year.
Fuel, housing costs boosted October’s inflation. Here’s what it means for the Fed’s stance on interest rates
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