Data released moments ago by the US Bureau of Labor Statistics showed that the Consumer Price Index (CPI), which measures inflation, rose by 0.4% in October, following a 0.6% increase in September. This figure exceeded market expectations. The core CPI, which excludes food and energy prices, also rose by 0.3%, matching September’s reading and surpassing expectations of a 0.2% increase.

In a more detailed breakdown, the energy index rose by 0.7% in October compared to a 5.1% increase in September. The food index rose by 0.5% month-on-month from 0.0% in September, while the housing and shelter index increased by 0.3% month-on-month from 0.4%.