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With the inflation rate in the US still running hot in recent months, will the latest inflation numbers provide some relief?
How has the inflation rate been faring recently?
The annual inflation rate in the US came in little changed for September, at 8.2% year-over-year, versus August’s level of 8.3%. The rate of price increases remains at multi-decade highs.
The continuous rise in prices of food and shelter sent the country’s Consumer Price Index up 0.4% for September, compared to 0.1% in the previous month, according to data from the Bureau of Labor Statistics.
The US Federal Reserve has been raising interest rates regularly in a bid to combat rising inflation.
What are the expectations from the upcoming inflation report?
The annual inflation rate in the US is expected to slow further to 8.1% in October, from 8.2% in September. However, the core rate is still likely to increase to 6.7% from last month’s level of 6.6%.
Analysts also expect monthly consumer prices to have increased 0.5% in October, from 0.4% in the previous month.
The US will also release other major economic reports this week, which could impact the forex market. Data on wholesale inventories for September will be released on Wednesday, while the weekly jobless claims report and monthly budget statement will be released on Thursday. The University of Michigan consumer sentiment index for November is scheduled for release on Friday.
US dollar prospects
The US dollar index, which measures the currency’s performance versus a basket of major rivals, had surged to a multi-decade high above the 114 level in September. However, the index has pared gains during October. The EURUSD pair has also fallen below parity. The release of major data, including inflation, could significantly impact the dollar’s movement in the coming period.
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