U.S. October CPI Rises 0.4%, Beating Expectations; Core Inflation Up 0.3%

U.S. consumer prices rose 0.4% in October, a stronger gain than economists had anticipated. Core inflation, which excludes volatile food and energy costs, increased 0.3% over the same period. The data has pushed markets to treat a December interest rate hike by the Federal Reserve as virtually certain. Fed Governor Chris Waller indicated that a larger increase of 50 basis points could be warranted. The report points to inflation pressures that remain a central concern for policymakers.