The U.S. overall CPI rose 0.4% month-over-month in October, higher than the market expectation of 0.3%; core CPI rose 0.3% month-over-month, higher than the expected 0.2%. Food prices rose 0.5%, energy prices rose 0.7%, and gasoline prices rose 1.0%. Housing costs rose 0.3%, while real income for private sector employees remained unchanged. This higher-than-expected inflation data further strengthens the case for the Federal Reserve to continue raising interest rates.
