As Consumer Prices Rise, Yellen Is Hopeful Inflation Will Hit 2%
Consumer prices rose for the third straight month in October as inflationary pressures stabilized across the US economy.
The consumer price index measures what Americans pay for nearly everything by sampling a market basket of US goods, and it grew a seasonally adjusted 0.4% from September levels, according to the Labor Department. Even after excluding volatile costs like food and energy, core prices advanced 0.1%, the Wall Street Journal reports.
Overall prices grew 1.6% in October compared to last year, marking the strongest gain in two years and pushing Federal Reserve chair Janet Yellen to say during her congressional testimony earlier this week that she expects inflation to hit 2% as the labor market continues to strengthen. [WSJ]