The U.S. dollar saw a decline against the yen on Thursday, following the release of data indicating a higher-than-expected rise in U.S. inflation for September. Despite a general downward trend in prices, the Federal Reserve remains poised to cut interest rates further, analysts suggest.
The Labor Department’s figures showed a 0.2% increase in the consumer price index (CPI) for September. Over the past 12 months, the CPI recorded a 2.4% rise, marking the smallest annual increase since February 2021, highlighting tempered inflationary pressures.
In the currency market, the greenback slipped 0.54% to 148.50 yen, after previously reaching 149.58 yen—the first instance since August 2. Concurrently, the dollar index, which evaluates the currency against six major counterparts, saw a minor decrease to 102.780, after achieving its highest point since August 16.
(With inputs from agencies.)