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NextImg:Inflation rose to 2.4% in October in producer price index - Washington Examiner

Inflation, as measured by the producer price index, rose six tenths of a percentage point to 2.4% for the year ending in October, the Bureau of Labor Statistics reported Thursday, a troubling sign that inflation pressures remain strong.

Economists had forecast inflation would tick up from 1.8% to 2.3%.

On a month-to-month basis, the producer price index increase by 0.2%, in line with expectations.

The numbers come a day after the more closely watched consumer price index showed inflation trending up in October.

Inflation rose two-tenths of a percentage point to 2.6% for the year ending in October, the Bureau of Labor Statistics reported. That marked the first rise in annual inflation in six months — an increase that was also anticipated by forecasters.

Housing prices have pushed inflation up, with shelter costs rising 0.4% last month in the consumer price index. Used vehicles, airfare, and medical care also ticked up in October.

The Fed’s goal is 2% inflation, and, after years of higher interest rates, the central bank has started reducing its rate target. But stickier inflation reports could cause the Fed to slow its efforts to lower rates.

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The labor market has recently also showed a few signs of sputtering.

The jobs market flatlined in October, adding just 12,000 jobs, and the unemployment rate remained at 4.1%. Investors had expected job growth to slow to 108,000, so it was a big miss.