Among the fastest rising categories, other personal effects recorded inflation of about 59%, far exceeding the national average
Besides, the rupee-dollar trend and movement of global oil benchmark Brent crude will also be crucial in dictating terms in the market, experts added.
Data showed consumer spending increased solidly in October, suggesting the US economy maintained its strong pace of growth, but progress on lowering inflation appeared to have stalled.
Gold prices fell slightly on Friday but are poised for a second consecutive monthly gain, up about 3% this month, as traders await U.S. inflation data and Fed rate cut signals.
Shares of Apple recovered 2.1% to hit a record high after declining in the previous session following its long-awaited AI strategy, presented at a developer conference
It was a volatile session, with the U.S. dollar initially jumping after the data, then falling and eventually rising after the market digested the report. The dollar index was last up 0.3% at 103.06.
Global stock indexes mostly climbed, and the U.S. dollar fell to a near five-month low on Friday before the long holiday weekend. Cooler-than-expected U.S. inflation data reinforced the belief that the Federal Reserve might cut borrowing costs in the new year.
Traders now await a slew of U.S. economic data, including the November core personal consumption expenditure (PCE) index report on Friday.
In this episode of Market Minutes, Shailaja Mohapatra talks about oil prices spiking 2%, August CPI inflation number, global market setup and a slew of stocks in news. Catch Radhika Rao of DBS Research Group in Voice of the Day segment. Market Minutes is a morning podcast that puts the spotlight on hot stocks, keys data points and developing trends.
Inflation data, global trends and foreign fund trading activity would guide equity market movement in a holiday-shortened week.
Spot gold was up 0.7% to $1,937.70 per ounce at 1011 GMT, set for a third consecutive session of gains. U.S. gold futures climbed 0.7% to $1,943.60.