The October CPI report showed signs of cooling inflation, with grocery prices rising only 12.4% year-over-year as compared to 13.5% in August, which was the largest 12-month increase in more than 40 years.
However, inflation is still at its multi-decade high levels, and the Fed is far from reaching its target level of 2%. This indicates further interest rate hikes. The economy seems to be on the brink of a recession.
