Inflation eased in October as prices rose 7.7% from a year ago

Consumer prices slowed their upward march last month, raising hopes that the fiercest inflation in 40 years may be easing.

The consumer price index increased 7.7% over the 12 months ending in October, the Labor Department said Thursday — the lowest rate of inflation since January and a smaller increase than economists had expected. Core prices, which exclude volatile food and energy costs, rose 6.3%.

Rising prices for shelter, vehicle insurance, new vehicles and personal care were offset by falling prices for airline fares, apparel, used cars and trucks, and medical care.