US inflation came in hotter than expected in October, with consumer prices rising 0.4 percent and gold tumbling about 2 percent within minutes of the release.
The Labor Department reported on Tuesday, November 10, that the consumer price index rose 0.4 percent last month, above the 0.3 percent economists had forecast. Core prices, which exclude food and energy, rose 0.3 percent, also above the 0.2 percent forecast. Hours earlier, Federal Reserve Governor Christopher Waller had said a half-point rate rise in December should be considered if core inflation came in at 0.3 percent or higher. It came in at exactly 0.3 percent. Gold fell to around 4,055 dollars an ounce, silver slid, the dollar climbed, and Bitcoin slipped to around 74,000 dollars as traders priced in more than an 80 percent chance of a December rate rise. The Bureau of Labor Statistics published no year-on-year inflation figure for October because last year's government shutdown left no price data to compare against; the last annual reading, from September, was 3.7 percent, well above the Federal Reserve's 2 percent target.
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