Inflation report to provide 1st snapshot of prices since midterm elections
Summary
A government report due Tuesday will show consumer price changes in October, the first nationwide inflation snapshot since the midterm elections. Economists expect monthly inflation to slow, but the report will not include the usual year-over-year comparison because the Bureau of Labor Statistics did not publish a report last October during a government shutdown.Key Facts
- Annual inflation was 3.7% in the year through September, up from 3.4% in August and more than one percentage point above the Federal Reserve’s 2% target.
- Gasoline prices rose more than 9% in September from August and accounted for more than half of that month’s overall price increase, according to the Bureau of Labor Statistics.
- Gasoline prices eased after the midterm elections, and the national average was below $4 per gallon on Monday, according to GasBuddy data.
- The Tuesday report covers October prices, so it will not reflect the recent decline in gasoline prices.
- U.S. employers added 165,000 jobs in October, compared with an average of 48,000 jobs per month over the previous year.
- The Federal Reserve raised its benchmark interest rate by a quarter of a percentage point in September after holding rates steady for three years.
- Markets put the odds of a quarter-point rate increase at the Fed’s next meeting in December at about 82%, according to CME Group’s FedWatch Tool.
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