Inflation came in at 10.1% in October, up from September’s 10.0%. October’s reading was the highest inflation rate in four decades. Looking at the details of the release, the acceleration was primarily driven by a stronger increase in prices for food and non-alcoholic beverages, which more than offset prices for transportation growing at a marginally softer rate.
Consequently, the trend pointed up, with annual average inflation coming in at 6.8% in October (September: 6.2%). Meanwhile, core inflation rose to 6.2% in October, from September’s 5.9%.
Finally, consumer prices increased a seasonally adjusted 1.03% in October over the previous month, a smaller increase than September’s 1.31% increase.
FocusEconomics Consensus Forecast panelists expect inflation to average 4.2% in 2023, which is up 0.3 percentage points from last month’s forecast. For 2024, panelists project inflation to average 1.6%.
