Economics
U.S. Inflation, Retail Data Show Economy Ready for Fed Rate Hike
- Core price gauge shows first annual pickup since January
- Consumer demand steady heading into holiday shopping season
Economist Aleman Seeks Wage Support for Inflation
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The U.S. economy delivered a double win for the Federal Reserve in October with an encouraging pickup in inflation and an unexpected gain in retail sales, further solidifying expectations that policy makers will raise interest rates next month.
The consumer-price index excluding food and fuel accelerated on an annual basis for the first time since January, while the overall cost of living rose in line with forecasts, a Labor Department report showed Wednesday. The rise in retail sales last month followed a bigger September advance than previously estimated, according to Commerce Department figures.