In October, U.S. consumer prices grew by the largest amount in nine months. This increase points to a consistently rising inflation, indicating that the Federal Reserve will likely raise interest rates again next month.
The mounting pressures on inflation are due, in part, to the lowest unemployment rate in 49 years, as well as a strong domestic demand. Last month, the nation’s annual wage growth saw its largest bump up in more than nine years.
The U.S. central bank is expected to hike borrowing costs in December for a fourth time this year. The Fed recently noted that annual inflation measures “remain near 2 percent.”
According to MSN, “Owners’ equivalent rent of primary residence, which is what a homeowner would pay to rent or receive from renting a home, rose 0.3 percent in October after advancing 0.2 percent in the prior month. The rent index gained 0.2 percent.”
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