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Wall Street declines amid rising inflation
Consumer prices in the United States rose by 0.6% in September, leading to an increase in the annual inflation rate to 3.7%, higher than the expected 3.6%. The rise was driven mainly by a sharp 7.1% increase in gasoline prices. These data have bolstered the chances of the Federal Reserve raising interest rates at its upcoming meeting, as market expectations for a rate hike jumped to around 40% from 22% prior to the report. It is anticipated that these inflation pressures will influence monetary policies and the standard of living in the United States.
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