October CPI Slows
November 20, 2023
This month’s consumer price index report brought hopeful news, with inflation cooling to 3.2% year over year in October. Wall Street reacted favorably with stocks jumping higher after the optimistic report. The hope is that easing inflation will put a stop to the Federal Reserve’s interest rate hikes.
Core inflation, which excludes gas and food prices, fell slightly to 4% from 4.1% in September.
- Core inflation remained higher than overall inflation because food prices continued to moderate (up 3.3% from last year) while energy prices fell 4.5% from October 2022. That included declines of 21% in fuel oil, 16% in natural gas and 5% in gasoline. (Source: USAToday.com)