US inflation slightly exceeds expectations, underpinning the dollar
Underlying consumer prices climbed by slightly more than expected in the United States last month, reinforcing the case for a tightening bias from the Federal Reserve, and putting modest upward pressure on the dollar. According to data published by the Bureau of Labor Statistics this morning, the core consumer price index—with highly-volatile food and energy prices excluded—climbed 0.4% month-over-month, rising from the 0.2% pace set a month earlier, and was up 2.8% year-over-year. This topped consensus estimates among economists polled by the major data providers ahead of the release, which were set closer to the 2.7% mark. Headline prices rose...