Inflation Slows in October to 3.2 Percent

The U.S. annual inflation rate eased to 3.2 percent in October, coming in slightly lower than the consensus estimate of 3.3 percent, according to the Bureau of Labor Statistics (BLS). This is notably down from 3.7 percent in September. Last month, the Consumer Price Index (CPI) was unchanged at zero percent monthly. Core inflation, which strips the volatile energy and food components, slowed to 4 percent year over year, down from 4.1 percent in September and slightly under the market forecast of 4.1 percent. On a month-over-month basis, the core CPI jumped 0.2 percent. Shelter was the biggest driver of inflation, as the index edged up 0.3 percent from September to October. Compared to the same time a year ago, the shelter index is up 6.7 percent. Economists have noted that shelter is a lagging indicator and there are signs that housing costs could be easing heading into 2024....