US inflation higher than expected in October - here's what is happening with prices

Résumé détaillé

Prices rose by 0.4% over the month, driven by increases in shelter, food and energy costs.

US inflation rose at a faster-than-expected pace in October, according to official figures.

Prices rose by 0.4% in the month, which was lower than the 0.6% increase in September.

However, analysts had expected prices to rise by 0.3%, and the higher-than-expected pace could add to arguments for the Federal Reserve to raise interest rates at its next meeting in December.

The new figures come a week after the midterm elections which were fought over cost-of-living pressures across the US.

Inflation is the rate at which the price of products or services increases over time.

For example, if a bottle of milk costs $1 but rises to $1.10 a year later, then annual inflation for bottled milk is 10%.

Officials from the Bureau of Labor Statistics measure inflation through the consumer price index (CPI).

It tracks the price changes of hundreds of day-to-day items including fresh food, gasoline and medical services to work out the overall level of inflation in the US economy.

The bureau updates this so-called basket of goods over time as peoples' spending and lifestyle habits change.

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