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

The Consumer Price Index (CPI) rose 7.7% between October 2021 and October 2022, according to a Thursday report from the Bureau of Labor Statistics, showing that inflation has begun to slow amid harsh contractionary policy from the Federal Reserve.

The month-to-month increase of 0.4% fell below analysts’ forecasts, while core inflation, which factors out the more volatile food and energy categories, rose 0.3%. A 0.6% surge in food prices and a 0.8% increase in shelter prices contributed to the headline number as energy prices reversed their downward trajectory to surge 1.8%. A decline in prices for used cars and trucks appears to have been one of the elements responsible for the lower headline reading.

Year-over-year inflation in October was lower in comparison to the previous month’s reading of 8.2%. Energy costs have fallen from their peak earlier this summer to produce a moderation from the 9.1% inflation rate in June and the 8.5% rate in July, although gasoline prices have since returned to an upward trajectory.

This is a breaking story; check back soon for more updates.