October CPI came in much lower than expected: +0.4% overall and 0.3% core versus 0.6% and 0.4% respectively. The YoY print was 7.7% overall (6.3% core) versus 7.9% expected and 8.2% for September. Despite the deceleration, CPI remains elevated.
Declines occurred in most categories except energy, where MoM increases remained stubbornly high.
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