NEW YORK, Nov 11 — US inflation data released yesterday slowed slightly in October but still overshot analyst estimates, raising expectations for further Federal Reserve interest rate hikes.
The consumer price index for October rose 0.4 per cent from September, down from the prior month’s 0.6 per cent increase, according to Labor Department data. Analysts had projected a 0.3 per cent increase.
The improvement from the prior month reflected a significant moderation in energy price increases from September. The prior CPI report had shown the effects of a big jump in fuel prices following renewed clashes in the US-Iran war over the summer.
But food prices shot higher in October, along with medical care, household furnishings and several other categories.
