Stocks rallied on Thursday after a better-than-expected report on inflation showed that the galloping price increases that consumers have had to endure all year are beginning to slow.
People shop for bread at a supermarket in Monterey Park, California on October 19, 2022. Grocery prices were up 12.4% last month from a year earlier, a government report showed.FREDERIC J. BROWN/AFP via Getty Images
People shop for bread at a supermarket in Monterey Park, California on October 19, 2022. Grocery prices were up 12.4% last month from a year earlier, a government report showed.Stocks rallied Thursday after a better-than-expected report on inflation showed that the galloping price increases that consumers have had to endure all year are beginning to slow.
, according to the Labor Department. That's a slower pace of inflation than September's 8.2% rate. It's also the smallest year-on-year increase in prices since January. And the price hikes between September and October were significantly smaller than forecasters had expected.Excluding volatile food and energy costs, annual inflation was 6.3% in October — down from 6.6% the month before.
Investors cheered the news, with the Dow Jones Industrial Average rising more than 800 points or 2.5% in the first hour of trading.Housing costs accounted for nearly half the monthly price increase, but rents showed their smallest increase in five months. Food costs rose at the slowest pace in 10 months. Gasoline prices rose 4% in October, but remain well below their peak price in early summer.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
October inflation report likely to show consumer prices increased againThe consumer price index likely surged again in October as inflation remains near a 40-year high, continuing to inflict financial pain on millions of Americans.
Read more »
US consumer inflation slowed to 7.7% in OctoberThe Labor Department is expected to report Thursday that consumer prices jumped 8% from a year ago, and by a sharp 0.6% from September to October, according to a survey of economists.
Read more »
October Inflation Report Shows Consumer Prices Rose 7.7% From Year EarlierInflation eased to 7.7% in October as underlying price increases excluding energy and food slowed from a four-decade high.
Read more »
US consumer inflation eased to 7.7% in October from year earlierPrice increases moderated in the U.S. last month in the latest sign that the inflation pressures might be easing as the economy slows and consumers grow more cautious.
Read more »
US consumer inflation eased to 7.7% in October from year earlierPrice increases moderated in the U.S. last month in the latest sign that inflation pressures might be easing as the economy slows and consumers grow more cautious.
Read more »
Consumer Prices Rose 0.4% in October, Slower Than Expected and a Sign of Easing InflationThe consumer price index, a broad-based measure of goods and services costs, increased 0.4% for the month and 7.7% from a year ago.
Read more »