Economists are digging through the CPI data for clues on what's coming next and the consensus is that price rises are increasingly problematic.
"Broad based price increases in core services categories, coupled with still-brisk labor market activity, suggest that the Fed could front load rate hikes by more than previously thought at the early November FOMC," write economists at CIBC.
They highlight the recent rise in gasoline prices as a problem in next month's data as well food.
"With no signs of a levelling off in food prices, as the labor shortage in the transportation sector and extreme weather conditions continue, total monthly inflation is set to accelerate further in October, although base effects will result in a further easing of the annual rate," they write.
Another surprise was the rise in new car prices, something they think will unwind in the months ahead. Another spot where they're looking for more deflation is apparel and -- concerningly -- they noted a drop in hotel prices that hints at falling demand.
