Markets may be celebrating cooler-than-expected inflation, but for many Americans still facing higher grocery, energy, and housing costs, the relief hasn’t arrived.

A big unknown ahead of the September CPI is how much the government shutdown, which started Oct. 1, impacts the data. Ten days later, statisticians at the Bureau of Labor Statistics were called back to work to complete the report.

Friday's consumer-price index report likely leaves the Federal Reserve on course to cut interest rates next week and to maintain a soft bias favoring another cut at the meeting after that. Fed leaders

BLS releases US CPI data for September, making it a key report for Fed's interest rate decision as shutdown halts other data.

September CPI came in softer than expected, with both headline and core inflation easing from August levels. Click here to read what investors need to know.

Major stock indexes hit record highs Friday after the release of slightly cooler-than-expected September inflation data that reinforced expectations the Federal Reserve will cut interest rates next week.

The softer-than-expected CPI report cemented expectations that the Federal Reserve will lower interest rates next week, but nothing is certain for December, economists said. Richard Moody, chief economist at Regions Financial,

Economists largely expect persistent retail inflation in September, increasing at the same pace as the month before. Headline CPI in September is seen rising 0.4% M/M, same as the prior month. On a Y/Y basis, CPI is expected to rise 3.1%, compared with +2.9% in August.