Inflation hit a bump in October after slowing for six straight months
CNN
Inflation moved in the wrong direction last month as price pressures persisted in areas such as housing, used cars and food.
Inflation moved in the wrong direction last month as price pressures persisted in areas such as housing, used cars and food. Consumer prices rose 0.2% last month and were up 2.6% from the year before, according to the latest Consumer Price Index data released Wednesday by the Bureau of Labor Statistics. While it appears that progress on reining in price hikes backtracked a bit, Wednesday’s report underscored that the last mile of taming inflation will be a slog. Housing-related inflation accounted for half of the monthly rise, and energy prices were flat after dragging down the overall index for four of the past six months. Inflation has eased considerably since peaking at 9.1% in June 2022 and has steadily cooled since earlier year. October’s increase was the first time the annual rate bumped higher since March. Still, that was to be expected, due to unfavorable comparisons from a year ago and stubborn housing-related inflation. Consensus estimates were for a 0.2% monthly increase and a 2.6% annual increase in the overall CPI, according to FactSet. The Consumer Price Index measures price changes across commonly purchased goods and services.
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