October Inflation Surges, But Less Than Expected; Energy Prices Up Ahead Of Winter

  • Year-over-year inflation in October was lower in comparison to the previous month’s reading of 8.2 percent.
  • Energy costs have fallen from their peak earlier this summer to produce a moderation from the 9.1 percent inflation rate in June and the 8.5 percent rate in July, although gasoline prices have since returned to an upward trajectory.
  • Officials at the Federal Reserve have increased target interest rates by 0.75 percent four consecutive times, reflecting a desire to manage rising price levels.
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