According to the Bureau of Labor Statistics (BLS), the headline inflation rate in the US for September was 3.7%, slightly higher than the projected 3.6%. The yearly consumer price index (CPI) had not changed from its rate in August. Inflation for the month increased as well, reaching 0.4% as opposed to the expected 0.3%.
Core CPI, which excludes volatile food and energy costs, met expectations with annual inflation of 4.1%, which is a small decline from August's 4.3%. According to economists' forecasts, the core CPI increased by 0.3% on a monthly basis.
The S&P 500 and Dow Jones Industrial Average experienced pre-market movements as a result of how the markets reacted to this information. The Nasdaq 100 also saw a modest decline at the same time. While the British pound sterling declined against the US dollar, the dollar grew versus the yen and the euro.
Following recently released strong job data, the Federal Reserve may reevaluate its position on an extra quarter-point hike before the year closes, taking into account the steady inflation rate despite record-high interest rates.
