Inflation slows to 7.7% over past year
Price increases underwent a slight slowdown in the United States last month, according to an Associated Press report. Consumer inflation hit 7.7% in October and was 0.4% higher than September, a sign that inflation pressures might be easing as the economy slows and consumers grow more cautious. The year-over-year increase, a slowdown from 8.2% in September, was the smallest rise since January. A separate gauge called core inflation, which excludes volatile food and energy, rose 6.3% in the past 12 months and 0.3% from September. Even with last month’s tentative easing of inflation, the Federal Reserve is widely expected to keep raising interest rates to try to stem persistently high price increases.