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Financial News: Inflation: Core CPI Opens Door To Rate Hike

Inflation: Core CPI Opens Door To Rate Hike

11/15/2017 - 09:22:00 (RTTNews)

(RTTNews) - A key measure of U.S. inflation picked up in October, paving way for the Federal Reserve to raise interest rates before year's end.

The Labor Department said its consumer price index inched up by 0.1 percent in October after climbing by 0.5 percent in September.

The modest increase in consumer prices matched economist estimates. Prices for shelter rose 0.3 percent but energy prices were lower.

Annual headline inflation was 2 percent, down from 2.2 percent in September.

However, excluding food and energy prices, core consumer prices rose by 0.2 percent in October after edging up by 0.1 percent in the previous month.

The increase in core consumer prices also met expectations.

Core consumer prices were up 1.8 percent over past year, the highest rate since April. The Fed targets 2 percent core inflation.

Policy makers have projected one more rate hike this year and three more in 2018.

Real wages remained subdued. Adjusted for inflation, hourly wages fell 0.1%.

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