Inflation hasn’t left the building, but it may be starting to look for the exit.
In October, the Consumer Price Index rose 0.4 percent — the same increase as in September. Over the last 12 months, the all-items CPI increased 7.7 percent. Not only is this less than what most economists had expected, it’s the smallest year-over-year increase since January 2022.
Perhaps the Federal Reserve’s efforts to slow inflation are finally bearing fruit. So far the Fed has raised interest rates five times this year with a sixth expected after the December meeting. The current slight cooling has led to experts anticipating a smaller hike in December — perhaps a 50 basis point increase versus the 75 basis points hike the previous five times.
