Inflation in the US, as measured by the Consumer Price Index (CPI), surged to 6.2% on a yearly basis in October from 5.4% in September, the US Bureau of Labor Statistics reported on Wednesday. This print surpassed the market expectation of 5.3% by a wide margin.

Further details of the publication revealed that the annual Core CPI, which excludes volatile food and energy prices, rose to 4.6% in the same period, compared to the market expectation of 4%.

On a monthly basis, the CPI and the Core CPI arrived at 0.9% and 0.6%, respectively.

Market reaction

With the initial reaction, the US Dollar Index shot higher and was last seen rising 0.43% on the day at 94.38.