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The Labor Department said consumer prices advanced 7.7% in the 12 months through October, after rising 8.2% at the end of September, while the core rate, which excludes volatile food and energy prices, increased 6.3% on a year-on-year basis last month, from 6.6% in September.
Economists polled by Reuters had forecast the CPI and core number would rise 8% and 6.5%, respectively.
The report prompted traders to adjust their rate hike bets, with bets of a 50-basis point rate hike in December jumping to more than 70% from 45% before the data came in.
At 08:33 a.m. ET, Dow e-minis were up 644 points, or 1.98%, S&P 500 e-minis were up 94.25 points, or 2.51%, and Nasdaq 100 e-minis were up 367 points, or 3.39%.
