Rising US inflation raises rate hike risk
According to data from the U.S. Department of Labor, the Consumer Price Index rose by 3.7% year-over-year in September, compared to 3.4% in August, exceeding expectations. Prices also increased by 0.6% on a monthly basis, mainly driven by a sharp rise in energy costs, with gasoline prices increasing by 7.1% during September. This has raised the chances of the Federal Reserve raising interest rates at its upcoming meeting to around 40%, amid concerns about persistent inflation and its impact on purchasing power and the U.S. economy.
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