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Nov 10 - 09:55 AM

USD: CPI: Strength In Core Prices Still Supports An Outsized Rate Hike At The December FOMC - CIBC

By eFXdata  —  Nov 10 - 09:04 AM

CIBC Research discusses its reaction to today's US CPI print for the moth of October. 

"The October inflation data for the US will provide some relief for policymakers, as core prices decelerated over the month. Excluding food and energy, core prices rose by 0.3% m/m, below the consensus expectation of 0.5%, representing a three-tick deceleration from the prior month's pace...Both food and energy prices increased strongly over the month, although the former category decelerated, which left total prices up by 0.4% m/m (vs. 0.6% expected), and the annual rate of inflation at 7.7%, two ticks below the consensus expectation, and below the prior month's 8.2% pace," CIBC notes. 

"While the deceleration in core prices is a welcome development, and we continue to expect supply chain improvements to feed through to the index more meaningfully ahead, the strength in core services still supports an outsized rate hike at the December FOMC," CIBC adds. 

Source:
CIBC Research/Market Commentary

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