By Chibuike Oguh
NEW YORK (Reuters) -The U.S. dollar edged lower against the yen on Thursday after data showed a higher-than-expected rise in U.S. inflation in September even though prices were on a downward trend, allowing the Federal Reserve to keep cutting interest rates.
Labor Department data on Thursday showed that the consumer price index increased 0.2% in September. In the 12 months through September the CPI climbed 2.4%, which was the smallest year-on-year rise since February 2021.
The greenback was down 0.54% at 148.50 yen after rising to as high as 149.58 yen for the first time since Aug. 2.
The dollar index, which measures the currency against six key rivals including the yen and euro, was down 0.09% to 102.780 after hitting its highest since August 16.
This post is originally published on INVESTING.
