Consumer Prices Rose 7.7% in October, Core Inflation EasesJohn Carney 10 Nov 2022
Consumer prices continued to climb in October as the pace of overall inflation held at the level hit a month earlier and underlying inflation excluding food and fuel slowed.
The Labor Department’s consumer price index rose by 0.4 percent compared with a month earlier. Compared with 12 months ago, the CPI is up 7.7 percent.
Core consumer prices, a key measure of inflation that excludes food and energy, rose 0.3 percent compared with September and are up 6.3 percent from a year earlier.
Economists had expected a 0.7 percent month-to-month rise in CPI. Prices were expected to be up 7.9 percent compared with a year ago. Core prices were seen as rising 0.5 percent for the month and 6.6 percent for the year.
Inflation cooled dramatically in July, with the CPI unchanged compared with June its smallest increase since 2020. This prompted many to declare that inflation had peaked and inspired hopes that the rapid price increases that have beset the economy since last year might be in the rearview mirror. Inflation accelerated in August and September, however, dashing those hopes. In September, the CPI was up 0.4 percent for the month and 8.2 percent compared with a year earlier.
Core prices were up 0.6 percent in September from August and 6.6 percent year over year. So the pace of core inflation decelerated in October.
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https://www.breitbart.com/economy/2022/11/10/consumer-prices-up-7-7-in-october/