US Consumers See Some Relief as , Inflation , Eased in October.
Associated Press reports that inflation in the United States slowed in October as the Federal Reserve's rate hikes work to cool consumer price increases.
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Associated Press reports that inflation in the United States slowed in October as the Federal Reserve's rate hikes work to cool consumer price increases.
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A November 14 report from the Labor Department shows that prices either lowered or rose just slightly across a range of goods and services.
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A November 14 report from the Labor Department shows that prices either lowered or rose just slightly across a range of goods and services.
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From September to October, overall inflation remained unchanged.
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Compared to the same time in 2022, consumer prices rose 3.2% for the month, down from a 3.7% increase in September.
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It was the smallest year-over-year increase since June of this year.
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So-called core prices rose just 0.2% from September to October, dropping below the pace set in the two months prior.
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AP reports that economists watch core prices closely as they are thought to offer an indication of inflation's trajectory.
AP reports that economists watch core prices closely as they are thought to offer an indication of inflation's trajectory.
Compared to the same time in 2022, core prices increased 4% in October, down slightly from a 4.1% increase in September.
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The lower-than-expected numbers could inspire the Fed to pause its rate-hiking campaign to cool inflation.
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Last week, the Fed's Chair Jerome Powell said that officials were "not confident" that the eleven rate hikes in the past year have tamed inflation.
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AP reports that the rate increases have managed to drop year-over-year inflation from a peak of 9.1% in June of 2022, to just 3.7% in September of 2023.
