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Stocks rebound after moderate inflation reading

“Core” inflation rises at slowest pace since September 2021

The latest Consumer Price Index report was colder than Wall Street expected.

Alexandra Canal of Yahoo Finance reports:

Consumer prices remained unchanged from the previous month in October as falling oil prices pulled down headline inflation while “core” inflation rose at the slowest annual pace since September 2021, according to the latest data from the Bureau of Labor Statistics released Tuesday morning.

The Consumer Price Index (CPI) showed prices rose 0% from last month and 3.2% from a year earlier in October, a deceleration from the increase monthly gain of 0.4% and the annual gain of 3.7% in September prices.

Economists expected prices to rise 0.1% month-over-month and 3.3% year-over-year, according to Bloomberg data.

As expected, falling energy costs limited the rise in headline figures, with energy prices falling 2.5% month-on-month, led by lower gas prices, which fell by 5% during the month of October.

On a “core” basis, which excludes the more volatile costs of food and gasoline, prices rose 4.0% in October from a year ago, less than the increase annual observed in September, according to Bloomberg data. Core monthly prices rose 0.2%, also lower than September’s monthly increase.

Economists expected underlying prices to rise 0.3% from the previous month and 4.1% from a year earlier.

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