The costs of goods and services rose more than expected in October, according to the Consumer Price Index (CPI) report published Tuesday by the Labor Department.
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The headline CPI rose 0.4 percent month-over-month, more than the 0.3 percent expected by economists. Core CPI, excluding food and energy, rose 0.3 percent for the third consecutive month.
The report comes as the Federal Reserve considers its next interest-rate move. Speaking Tuesday morning ahead of the CPI release, Fed Governor Christopher Waller said a hot inflation reading could push him toward advocating for a half-point increase in December. Analysts now expect at least a 0.25 percent rate hike.
The Dow, S&P 500, and Nasdaq all fell over fears that higher prices will fuel sustained rate hikes. Political analysts say the Republican Party suffered in the midterm elections last week in large part due to higher costs driven by the Iran War.
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