US Consumer Prices Rise 0.5% In September, Slightly Less Than Expected

US Consumer Prices Rise 0.5% In September, Slightly Less Than Expected

The pan-European FTSEurofirst 300 index rose 0.01 percent and MSCI's gauge of stocks across the globe gained 0.04 percent.

U.S. headline inflation increased less than expected last month but core prices jumped well above forecasts, according to data released by the Bureau of Labor Statistics on Friday. That was above the prior month's reading of 0.4%, but below expectations of a 0.6% uptick.

Benchmark 10-year notes were last up 7/32 in price to yield 2.3195 percent, from 2.345 percent late on Wednesday.

The gasoline index increased 13.1% in September, the Bureau said, which accounted for about three-quarters of the seasonally adjusted increase as was likely to have been boosted by the impact of Hurricane Harvey.

Excluding food and energy prices, core consumer prices inched up by 0.1 percent in September after edging up by 0.2 percent in August.

Market watchers were looking to Friday's inflation data for flickers of growth after the minutes of the Federal Reserve's policy meeting in September, which were released earlier this week, showed that many Fed officials are concerned that inflation will remain lower for longer.

"Overall, with temporary factors weighing on core inflation and the activity data still suggesting that economic growth is strong, we still think that the Fed will press ahead and raise rates in December", said Michael Pearce, U.S. economist at Capital Economics.

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The 30-year bond was last up 15/32 in price to yield 2.8562 percent, from 2.876 percent late on Wednesday. Core prices had been expected to rise by another 0.2 percent.

After four straight days of declines, the dollar index, tracking the greenback against a basket of major currencies, rose 0.07 percent.

The US dollar index is down by almost 10% from US President Donald Trump's inauguration.

The dollar turned negative as sterling jumped to an eight-day high against the dollar with analysts citing a report in Germany's Handelsblatt newspaper that the European Union could offer Britain a two-year transitional Brexit deal.

USA crude fell 1.29 percent to $50.64 per barrel and Brent was last at $56.32, down 1.09 percent.

Sterling last traded at $1.3273, up 0.39 percent on the day. The Japanese yen was up by 0.5% at 111.77 per dollar.

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