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Consumer prices unexpectedly remained steady in October, Markets Insider reports.

What’s going on: “The Labor Department said its consumer price index was unchanged in October after climbing by 0.4 percent in September. Economists had expected consumer prices to inch up by 0.1 percent.”

The details: Excluding food and energy, core consumer prices rose 0.2% last month after increasing 0.3% in September.

• Economists had forecast core prices to increase 0.3%.

Annual rate: Also defying expectations was the annual rate of consumer price growth, which slowed to 3.2% in October from 3.7% in September. 

• Economists had predicted the pace of growth to decelerate to 3.3%.

​​​​​​​Our take: “These data are not likely to change the trajectory of monetary policy, with the Federal Open Market Committee expected to keep rates unchanged at its Dec. 12–13 meeting,” NAM Chief Economist Chad Moutray said.

• “It would be the third straight meeting with no change. While the Federal Reserve remains concerned about elevated pricing pressures, there is a sense that demand is already slowing, particularly with yields pushing higher in recent weeks. Moving forward, interest rates are not likely to see a cut until mid-to-late 2024.”