Last month, consumer prices throughout the United States slowed their upward trajectory, increasing expectations that the highest inflation in the United States in the last 40 years may be beginning to ease.
According to the Labor Department’s announcement on Thursday, the consumer price index rose 7.7% over the previous 12 months, ending in October. This is the lowest rate of inflation since January, and it is a lesser rise than what experts had anticipated. The rise in “core” prices, which strip out the effects of varying food and energy prices, was 6.3%.
The price decreases seen in airline tickets, clothing, old automobiles and trucks, and medical treatment more than made up for the increases shown in housing costs, insurance premiums, new vehicles, and personal care products.
According to a second analysis that was published on Thursday by Adobe Analytics, costs for online purchases of clothes, electronic goods, toys, and sports goods all went down in October, but prices for online purchases of food and other necessities continued to go up.
The United States, like other nations, is having trouble keeping inflation under control, which is putting a strain on millions of people and lowering the outlook for the economy as the Federal Reserve continues to raise interest rates on loans to both consumers and companies.
Inflation was near the top of many voters’ minds during the midterm elections that concluded on Tuesday. Even though Republicans didn’t make as many political gains as many people thought they would, economic worries caused Democrats to lose seats in the House of Representatives.