American inflation has risen for the first time since March but ratesetters at the Federal Reserve insisted that interest rates are still on a downward path.
Figures published by the US Bureau of Labor Statistics showed that the rate of annual inflation was up 2.6 per cent in October from 2.4 per cent in the previous month, in line with analysts’ expectations.
On a monthly basis, prices rose by 0.2 per cent, also in line with forecasts and unchanged compared with September.
• US jobs growth at weakest level since 2020
Measurements of inflation that remove volatile items like food and energy indicated that price pressures are at risk of embedding in the US economy. Core monthly and annual inflation were unchanged at 0.3 per