Inflation ‘Nowcast’ Tracker Suggests Price Pressures Increasing

High inflation continues, financial markets have dropped, and recession is around the corner, but rate hikes are expected to continue. Bill Cox/The Epoch Times

The trend of high inflation rates over the past few months looks all set to continue through October, according to a recent estimate by the Federal Reserve Bank of Cleveland.

October’s Consumer Price Index (CPI), a measure of inflation, is predicted to be up by more than 0.8 percent from September, the Fed’s “Nowcast” inflation forecast shows. Core CPI, which excludes food and energy, is expected to be up by 0.54 percent. The Fed projects annual CPI to be at 8.14 percent in October, with core CPI at 6.58 percent.