The United States' inflation rate eases to 7.7% in October 2022.
WASHINGTON, USA – US consumer prices rose less than expected in October, pushing the annual increase below 8% for the first time in eight months, the strongest signs yet that inflation was slowing, which would allow the Federal Reserve to scale back its hefty interest rate hikes.
While food prices increased 0.6%, the pace was much slower relative to prior months. The price of food consumed at home rose 0.4%, the smallest gain since December 2021. There were increases in the prices of meats, poultry, fish, eggs, cereals, and bakery products. But fruits and vegetables cost less.
“I will work with anyone, Democrat or Republican, on ideas to provide more breathing room to middle-class and working families,” Biden said in a statement. “And I will oppose any effort to undo my agenda or to make inflation worse.” Owners’ equivalent rent, a measure of the amount homeowners would pay to rent or would earn from renting their property, increased 0.6% after shooting up 0.8% in September. This measure jumped a record 6.9% on a year-on-year basis after rising 6.7% in September. But rental inflation has likely peaked.Core services prices rose 0.5%. Away from rents and other services, goods disinflation is broadening.
Airline fares declined 1.1%. Healthcare costs fell 0.5% as the government incorporated updated data used to estimate health insurance prices.
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