Inflation Slows in October as Gas Prices Drop, Though Further Fed Rate Hikes Possible
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Consumer prices unchanged in October as falling gas prices offset increases elsewhere. Inflation rose 3.2% annually, down from 3.7% in September.
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Shelter costs continued to rise but are slowing, up 0.3% monthly and 6.7% annually. Rent and house price declines expected to drag inflation down further.
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October data reinforces that disinflation is underway, though prices unchanged for first time in 15 months.
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Fed chair Powell says more rate hikes possible but will proceed carefully in evaluating data. Rates currently between 5.25-5.50%.
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Turkey prices down 22% this Thanksgiving compared to 2021. However, costs of side dishes expected to rise.