Inflation rises 3.2% in October, less than expected
Inflation eases in October but high prices persist
By Megan Henney FOXBusiness
Inflation eased in October for the first time in months, providing welcome relief to American consumers who have been crushed by unrelenting price increases.
The Labor Department said Tuesday that the consumer price index, a broad measure of the price for everyday goods including gasoline, groceries and rent, was unchanged in October from the previous month. Prices climbed 3.2% from the same time last year.
Both of those figures are lower than estimates by Refinitiv economists.
Excluding the more volatile measurements of food and energy, so-called core prices increased 0.2% for the month and 4% on an annual basis, also lower than expected.
"October is just one fight in a long war against inflation, but we can count it as a victory," said Robert Frick, corporate economist with Navy Federal Credit Union.
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https://www.foxbusiness.com/economy/cpi-inflation-october-2023
