Minneapolis — US consumer price inflation cooled down in October after rising for the last two months. The Consumer Price Index rose 3.2% for the 12 months that ended in October, down from 3.7% in September, according to Bureau of Labor Statistics data released Tuesday. On a monthly basis, prices were unchanged for the first time since July 2022. Energy prices dropped in October; however, that was offset by the continued rise of shelter costs, according to the report. “The continued moderation of inflation will help keep the Federal Reserve on the sidelines,” said Greg McBride, chief financial analyst at Bankrate, in a statement.

Source: CNN November 14, 2023 20:39 UTC