Consumer Price Index

The consumer price index determines the inflation rate from the point of view of consumers when they buy goods and services, and this indicator is considered one of the most watched indicators by traders and is considered a basic indicator for determining financial inflation and purchasing trends in society in the United States
The main objective that the Central Bank seeks is to achieve price stability, and one of the ways to fight inflation is the Central Bank seeks to raise the interest rate to help prices fall. High interest rates attract foreign investment, thus increasing the demand for the country's currency

The annual US inflation rate likely slowed for a fourth month to 8% in October, which could represent a new low since February, compared to 8.2% in September. Core CPI, which strips out volatile food and energy, is expected to rise 6.5% annually, just below 6.6% in September. However, compared to the previous month, the CPI is expected to rise to 0.6%, the largest reading in four months, as gasoline prices rose. The core index is expected to rise 0.5%, just below 0.6% in the previous month. The new numbers are likely to continue to indicate strong inflationary pressures and a significant increase in prices across the economy, particularly in the services sector while commodity prices benefited from some improvements in supply chains. However, the decline in retained earnings by insurers this year due to higher Medicare utilization rates in 2021 and strong profit margins from 2020, could lead to lower health costs and inflation from October

Expectations for today's statement and how it affects the currency

Expectations indicate a decline in inflation data to 7.9%
If the statement is issued below expectations, it will affect the currency in a negative way, but if the statement is issued at a rate higher than expected, it will affect the currency in a positive way.

Statement release time

The statement will be issued at 3:30 pm Mecca time