Instead, he said it's more worthwhile to follow data about individual companies from the upcoming earnings season, which kicks off Friday.
The CPI — which broadly measures the cost of goods and services across the U.S. — rose by 0.2% in September, sending the annual inflation rate to 2.4%.
However, the inflation rate still fell from August and hit its lowest reading since February 2021.
According to Cramer, whether the Fed cuts rates or not at its next meeting, the general direction of interest rates is trending down.
It would take a huge hike in the CPI reading to change the Fed's stance, he said, and Thursday's figures were not extreme.
Persons:
CNBC's Jim Cramer, it's, —, Cramer, that's
Organizations:
Federal Reserve