Inflation increased more than estimated for September. The Consumer Price Index (CPI) soared 8.2% year-over-year, still hovering near the highest levels since the early 1980s. The stubbornly high inflation is expected to keep the Fed on track with its aggressive rate hikes.
Michelle Meyer, the chief U.S. economist at the Mastercard Economics Institute, said, "The more inflation comes in above expectations, the more they're going to have to prove that commitment, which means higher interest rates and cooling in the underlying economy."
