一张标牌显示2026年11月2日，亚特兰大一家Quiktrip加油站的汽油和柴油价格。
A sign displays the prices of gasoline and diesel fuel at a Quiktrip gas station in Atlanta, Nov. 2, 2026.
Elijah Nouvelage | Bloomberg | Getty Images 随着汽油价格涨幅趋于温和，10月通胀从9月的猛烈步伐中放缓，但由于食品和住房等类别对消费者价格构成上行压力，通胀仍居高位。
Elijah Nouvelage | Bloomberg | Getty Images Inflation throttled back in October from its blistering pace in September amid a more moderate rise in gasoline prices, but remained high as categories like food and housing put upward pressure on consumer prices.
美国劳工统计局周二报告称，作为通胀风向标的消费者价格指数，在剔除季节因素后，10月环比上涨0.4%。这一数字低于9月的0.6%，但高于经济学家预期的0.3%。“这依然过高，”穆迪首席经济学家马克·赞迪说。“美联储不会对此感到高兴。这无疑增加了我们12月再次加息的可能性。”美联储利用通胀数据来指导其利率政策。美国中央银行在9月加息，当时通胀近期有所回升，经济学家大多将此归因于伊朗战争。其在10月的上次会议上维持利率不变。
The consumer price index, an inflation barometer, rose 0.4% on a monthly basis in October, after adjusting for seasonal factors, the Bureau of Labor Statistics reported Tuesday. That's down from 0.6% in September but higher than the 0.3% that economists expected "It's uncomfortably high," said Mark Zandi, chief economist at Moody's. "The Fed's not going to be happy about it. It certainly makes it more likely we get another rate increase in December." Federal Reserve uses inflation data to guide its interest rate policy. The U.S. central bank raised rates in September amid a recent pickup in inflation, which economists largely attribute to the war in Iran It held rates steady at its last meeting in October.
经济学家通常评估一种被称为“核心”CPI的指标——该指标剔除了波动较大的食品和能源价格——以考察美国经济中的潜在通胀动态。
Economists generally assess a measure known as "core" CPI — which strips out volatile food and energy prices — to examine underlying inflation dynamics in the U.S. economy.
该核心指标10月上涨0.3%，与9月和8月的涨幅相同。赞迪表示，如果每月读数稳定在0.2%左右，才更符合美联储2%的年度通胀目标。通胀已超过美联储目标超过五年。
That core metric rose 0.3% in October, as it also did in September and August. A consistent monthly reading around 0.2% would be more in line with the Fed's 2% annual inflation target, Zandi said. Inflation has been above the Fed's target for more than five years.
由于一年前发生的漫长联邦政府停摆，劳工统计局在最新的CPI报告中未公布年度通胀数据。该停摆从10月1日持续至11月12日，扰乱了该机构的常规数据收集，因此未发布2025年10月的通胀报告。
The Bureau of Labor Statistics didn't report an annual inflation figure in the latest CPI report because of the lengthy federal government shutdown that happened a year ago. That shutdown, which ran from Oct. 1 to Nov. 12, disrupted the agency's typical data collection and it didn't release an inflation report for October 2025.
格伦梅德财富管理公司投资策略与研究主管杰森·普赖德周二在一封电子邮件中写道：“投资者无需同比数据就能看出，这是一份高通胀报告，物价并未走在可持续回归美联储2%目标的道路上。”
"Investors do not need year-over-year figures to see that this was a hot inflation report and that prices are not on a sustainable path back toward the Fed's 2% target," Jason Pride, chief of investment strategy and research at Glenmede, a wealth management firm, wrote in an e-mail Tuesday.
他写道：“要让美联储放弃在12月加息，需要极为出色的通缩证据，而这份报告传递的恰恰相反。”为什么CPI通胀居高不下？经济学家指出，导致CPI读数高于预期的四大原因。
"It would have taken exceptional evidence of disinflation to dissuade the Fed from raising rates in December, and this report delivered the opposite," he wrote. Why is CPI inflation high? Economists pointed to four big reasons for the hotter-than-expected CPI reading.
- 住房周二CPI报告中通胀读数偏高，或许住房是最大的贡献因素，赞迪表示。
- Housing Perhaps the largest contributor to the outsized inflation reading in Tuesday's CPI report was housing, Zandi said.
住房是CPI的最大组成部分，该类别的波动对指数的环比读数影响显著，他表示。
Housing is the largest component of CPI, and movements in the category strongly influence the index's month-to-month reading, he said.
根据劳工统计局的数据，10月“住所”CPI指数上涨0.3%，占CPI涨幅的30%以上。
The "shelter" CPI index rose 0.3% in October, accounting for over 30% of the CPI increase, according to the Bureau of Labor Statistics.
不过，赞迪表示，他不认为这种动态会持续，因为这与美国市场租金的走势不一致。
Zandi said he doesn't expect that dynamic to persist, however, because it's not consistent with the trajectory of market rents in the U.S.
他说：“CPI数据的月度波动似乎处于高位。”“环比波动非常大。”
"It does feel like we have a high level of monthly volatility" in the CPI data, he said. "It's all over the map month to month."
- 能源2026年10月15日，美国加利福尼亚州洛杉矶市中心，汽油和柴油价格展示牌。
- Energy Prices of gasoline and diesel fuel are displayed in downtown Los Angeles, California, US, Oct. 15, 2026.
迈克·布莱克 | 路透社 但经济学家表示，更广泛的因素也在对价格构成上行压力。
Mike Blake | Reuters But economists said broader factors are putting upward pressure on prices, too.
资产管理公司先锋集团高级美国经济学家乔什·赫特周二在一封电子邮件中写道：“当前的核心通胀反映了三大超额冲击：关税、能源价格以及与人工智能相关的需求。”
"Core inflation today reflects three outsized shocks: tariffs, energy prices, and AI-related demand," Josh Hirt, senior U.S. economist at Vanguard Group, an asset manager, wrote in an e-mail Tuesday.
经济学家表示，伊朗战争推高了油价，进而推高了汽油、柴油和航空燃油等燃料价格，这些燃料均由原油炼制而来。
The Iran war has raised oil prices, pushing up prices for fuels like gasoline, diesel and jet fuel, which are refined from crude oil, economists said.
CPI数据显示，10月汽油价格上涨1%，在9月环比上涨9.1%之后出现显著回落。
Gasoline prices rose 1% in October, a significant pullback after a 9.1% monthly increase in September, CPI data showed.
柴油价格虽然已从近期的历史高点回落，但仍处于高位，经济学家表示，未来几个月柴油价格可能会更广泛地波及美国经济。
While diesel prices have retreated from recent record highs they remain elevated and could spill more broadly into the U.S. economy in the coming months, economists said.
“鉴于柴油价格影响运输成本，其对CPI所有领域的传导速度非常缓慢，”Capital Economics高级北美经济学家托马斯·瑞安表示。
"Diesel prices have a really slow pass-through to all the areas of CPI, given it affects transportation costs," said Thomas Ryan, a senior North America economist at Capital Economics.
“这些事情需要时间，”瑞安表示。“我怀疑，未来三到六个月至少会是一个通胀推动因素。”齐安表示，10月份有一些柴油价格更广泛渗透的迹象，例如食品价格。他表示，柴油价格上涨增加了将食品运送到杂货店货架的成本。
"These things take time," Ryan said. "It'll be an inflationary impetus for at least the next three to six months, I suspect." There was some evidence of that broader percolation of diesel prices in October, such as in food prices, Zandi said. Higher diesel prices add to the cost of transporting food to the grocery store shelves, he said.
根据CPI数据，食品价格在9月份持平后，10月份上涨了0.5%。
Food prices rose 0.5% in October after an unchanged reading in September, according to CPI data.
经济学家表示，航空燃油成本的上升也导致航空公司提高机票价格。根据CPI报告，机票价格在10月上涨了0.4%，此前几个月分别上涨了1.2%、2.7%和3.8%。
The run-up in jet fuel costs has also led airlines to raise their ticket prices, economists said. Airfares climbed 0.4% in October, after monthly increases of 1.2%, 2.7% and 3.8% in the preceding months, respectively, according to the CPI report.
- 关税与此同时，齐安表示，假设白宫不重新推动更多进口税，特朗普政府征收的关税的通胀影响应在年底前消退。
- Tariffs Meanwhile, the inflationary impact of tariffs imposed by the Trump administration should fade by the end of the year, assuming the White House doesn't renew its push for more import taxes, Zandi said.
他表示，某些实物商品类别，如玩具、家具和家用电器，在10月份出现了较高的通胀率，可能是因为企业已将关税成本转嫁给消费者。
Certain categories of physical goods, like toys, furniture, and appliances, saw elevated inflation rates in October, likely because businesses have passed on tariff costs to consumers, he said.
- 人工智能2026年11月1日，在俄亥俄州纽奥尔巴尼，Meta普罗米修斯校园（Meta Prometheus Campus，一个人工智能数据中心和超级集群项目）的一部分鸟瞰图。
- Artificial intelligence In an aerial view, a portion of the Meta Prometheus Campus, an AI data center and supercluster project, is seen on Nov. 1, 2026, in New Albany, Ohio.
Jon Cherry | Getty Images News | Getty Images 经济学家表示，为人工智能提供动力的数据中心建设推高了电力和消费电子产品的价格。
Jon Cherry | Getty Images News | Getty Images The buildout of data centers that power artificial intelligence has driven up prices for electricity and consumer electronics, economists said.
瑞安表示，这些数据中心导致技术设备短缺，例如用于iPhone等家用电子产品的内存芯片。
Those data centers have led to a shortage of technology equipment, such as memory chips used in household electronic products like iPhones, Ryan said.