By Michael S. Derby
NEW YORK (Reuters) – Underlying inflation pressures eased in October compared to the prior month, according to a report released on Monday by the Federal Reserve Bank of New York.
The bank said that its Multivariate Core Trend Inflation reading for October stood at 2.6%, from September’s 2.88%.
The bank in its report said that the higher level of the MCT relative to its pre-pandemic average “is in large part due to the sector-specific trends in housing and services ex-housing.”
(Reporting by Michael S. Derby; Editing by Mark Porter)
