The US Bureau of Labor Statistics published its consumer price index for October; the news is markedly negative so far as the central bank doves are concerned. Prices rose 6.2 percent in October – the steepest annual increase since 1990. The result came in above the market consensus estimate of 5.8 percent.

Energy accounted for the largest yearly gains, increasing by over 30 percent through October, and food prices rose by 5.3 percent. However, even with food and energy stripped out of the index, upward price momentum remained strong at 4.6 percent year-on-year.