劳工统计局图表：Courtenay Brown/Axios 据劳工部周二发布的数据显示，10月通胀依然居高不下。
Bureau of Labor Statistics Chart: Courtenay Brown/Axios Inflation remained hot in October, according to data from the Labor Department released on Tuesday.
重要性：消费价格指数显示，即使汽油价格趋于稳定，其他领域的通胀压力依然顽固存在。
Why it matters: The Consumer Price Index shows that even as gasoline prices steadied, inflation pressures elsewhere remained stubborn.
数据说明： CPI上月环比上涨0.4%，较9月0.6%的涨幅有所放缓。
By the numbers: CPI rose 0.4% last month, slowing from the 0.6% increase in September.
- 劳工部称，10月汽油价格上涨1%，较9月9.1%的激增大幅放缓。
• Gasoline prices gained 1% in October, a sharp slowdown from the 9.1% surge in September, the Labor Department said.
- 核心CPI（剔除波动较大的食品和能源价格）连续第三个月环比上涨0.3%，娱乐、医疗保健、汽车保险和机票价格上涨推动了涨幅。
• Core CPI, which excludes volatile food and energy prices, advanced 0.3% for the third straight month, with higher prices for recreation, medical care, car insurance and airline fares contributing to the increase. Of note:
值得注意的是：劳工部未发布10月同比通胀率。去年的政府停摆导致数据出现空缺，无法直接与2025年10月进行比较。
The Labor Department did not publish year-over-year inflation rates for October. Last year's government shutdown left a gap in the data that prevents direct comparisons with October 2025.
- 但如果假设2025年10月的读数处于9月和11月读数的中间值，同比通胀率将达4%——剔除食品和能源则为2.8%。
• But if one assumes the October 2025 readings were halfway between September and November, year-over-year inflation comes to 4% — or 2.8% excluding food and energy.
- 相比之下，9月的年化通胀率为3.7%，剔除食品和能源为2.6%。
• That compares with September's annual inflation rate of 3.7%, or 2.6% excluding food and energy.
大局观：这份通胀报告本已是美联储下月利率决策的关键依据。但在报告发布前几小时，美联储理事Christopher Waller提出如果通胀顽固居高不下，可能加息幅度将大于常规，从而提高了赌注。
The big picture: The inflation report was already shaping up to be a crucial piece of the Federal Reserve's interest rate decision next month. But the stakes grew just hours before its release when Fed governor Christopher Waller raised the prospect of a larger-than-usual rate hike if inflation remains stubbornly elevated.
- 在一次演讲中，美联储理事Christopher Waller表示，如果10月核心通胀环比上涨至少0.3%——周二的报告显示正是如此——下月应考虑加息50个基点。
• In a speech, Fed governor Christopher Waller said a half-point rate hike should be considered next month if core inflation rose by at least 0.3% in October — exactly what Tuesday's report showed.
- 对美联储利率政策预期特别敏感的两年期美债收益率周二在Waller的讲话和CPI报告公布后跳涨0.13个百分点。后续关注：该报告还提供了一个新的衡量指标，显示了通胀问题的严重程度，这一问题有助于塑造上周的中期选举格局。
• The yield on the two-year Treasury note, which is particularly sensitive to expectations for Fed interest rate policy, jumped 0.13% on Tuesday following Waller's comments and the CPI report. What to The report also offers a fresh measure of the inflation problem that helped shape last week's midterm elections.
- 根据全国出口民调数据，近十分之九的选民表示，生活成本是他们在上周中期选举中投票时的“关键”或“主要”考量因素。
• Nearly nine in 10 voters said the cost of living was a "crucial" or "major" factor in their vote in last week's midterms, according to national exit polling data.
- 民主党凭借降低食品杂货和其他必需品价格的承诺赢得了选举。现在他们面临着更艰巨的任务，即兑现承诺，但他们逆转多年物价上涨的权力有限。
• Democrats won on promises to lower prices for groceries and other essentials. Now they face the more difficult task of delivering on their promises, with limited power to reverse years of price increases.
核心要点：通胀依然顽固地居高不下，强化了美联储再次加息的理由，并延长了令美国家庭感到沮丧的生活成本压力。
The bottom line: Inflation remains stubbornly hot, strengthening the case for another Fed rate hike and prolonging the cost-of-living pressures that have frustrated American households.