Inflation spikes again with Americans paying more for groceries and travel
New inflation numbers reveal consumers are paying more, but economists are cautiously optimistic.
Inflation has creeped up by 0.2% in October, according to fresh data released on Wednesday morning by the US Bureau of Labor Statistics.
The consumer price index rose 2.6% from a year earlier, in line with economists expectations, after rising 2.4% in September.
Food, gas and airline fares were responsible for the majority of the rise while there were also increases in medical bills and recreation.
Clothing, communication and household goods were among some items which decreased.
Last month, CPI rose by 0.2% on a seasonally adjusted basis, matching the increase seen in August.
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The rise in inflation data comes after the Federal Reserve cut rates by a quarter percentage point last week.
Wednesday’s inflation data may test investor optimism following former President Donald Trump’s election victory last week, which triggered the US stock market to surge to record highs.
The figures are the first major inflation indicator since Trump was re-elected to office and could shift market expectations for the Federal Reserve’s December meeting.
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