US October inflation comes in hotter than expected, Fed faces pressure to raise rates

Résumé détaillé

The latest inflation reading suggests that price pressures remain persistent and above the Federal Reserve's 2% target. It also comes after inflation and the rising cost of living emerged as major concerns for American voters, contributing to sweeping Democratic victories in last week's midterm elections.

US consumer inflation rose more than expected in October, keeping pressure on the Federal Reserve to tighten monetary policy and strengthening market expectations of an interest rate hike at its December 8-9 meeting.

The Consumer Price Index (CPI) increased 0.4% month-on-month in October, down from a 0.6% rise in September, according to data released by the US Labour Department on Tuesday (November 10). Core CPI, which excludes volatile food and energy prices, also rose 0.3%, matching the previous month's increase.

Both the headline and core inflation readings were 0.1 percentage point above economists' forecasts.

The Labour Department did not release year-on-year inflation figures for October as the government shutdown last year disrupted data collection, leaving the agency without comparable figures for October 2025.

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The latest inflation reading suggests that price pressures remain persistent and above the Federal Reserve's 2% target. It also comes after inflation and the rising cost of living emerged as major concerns for American voters, contributing to sweeping Democratic victories in last week's midterm elections.

Democrats secured majorities in both the House and Senate, but the election results have also put pressure on the party to address voters' concerns over affordability and household expenses.

President Donald Trump has acknowledged voter dissatisfaction over the Iran war and rising gasoline prices, but has so far shown no indication of changing course.

The October CPI report is the last inflation reading available to Federal Reserve policymakers before their December 8-9 meeting.

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