US annual consumer inflation ticks up to 2.6% in October

By Tuba Ongun

The annual consumer inflation rate in the US accelerated to 2.6% in October, matching market forecast, according to official data released on Wednesday.

Increasing for seven consecutive months, the figure was up from 2.4% in September which was the lowest rate since February 2021.

The annual decline in energy prices slowed in October by 4.9% after falling 6.8% in the prior month.

The cost of food, on the other hand, rose at a slower pace last month by 2.1% year-on-year versus September's 2.3%.

Core inflation, stripping out volatile food and energy prices, remained stable at 3.3% in September.

On a monthly basis, consumer prices index increased by 0.2% in October, consistent with the previous three months, in line with forecasts.

Monthly core inflation was also consistent at 0.3%.