Inflation Drops to 3.2% in October
Summary from the AllSides News Team
The annual inflation rate fell in October, the Bureau of Labor Statistics reported, inching closer to the Federal Reserve’s standard 2% target rate.
The Details: Consumer prices rose 3.2% in the 12 months ending in October, a drop from August and September’s 3.7% rate. Within the month of October, overall prices rose 0%. While some of the price cooling came from falling gas prices, monthly core inflation — which excludes volatile food and energy prices — dropped from 0.3% in September to 0.2%. Despite inflation being far below mid-2022’s 9% peak, some economic experts still say there is a “long way to go” before inflation is back where the government wants it to be.
How the Media Covered It: Coverage was common and fairly similar across the spectrum, although only business outlets featured the story prominently. Some coverage appeared optimistic; The New York Times (Lean Left bias) said the data showed “encouraging signs under the surface,” and the New York Post (Lean Right bias) said it “raised hopes the Federal Reserve could [be] done with its rate-hiking campaign.”
Featured Coverage of this Story
From the Left
Stocks surge as inflation falls more than expected
US consumer price inflation cooled down in October after rising for the last two months. The moderation in inflation was even more than expected, sending US stocks sharply higher and providing a touch more solace to Americans who have dealt with painfully high prices the past two years.
The Consumer Price Index rose 3.2% for the 12 months that ended in October, down from 3.7% in September, according to Bureau of Labor Statistics data released Tuesday.
On a monthly basis, prices were unchanged for the first time since July 2022. A...
From the Center
Inflation was flat in October from the prior month, core CPI hits two-year low
Inflation was flat in October from the previous month, providing a hopeful sign that stubbornly high prices are easing their grip on the U.S. economy and giving a potential green light to the Federal Reserve to stop raising interest rates.
The consumer price index, which measures a broad basket of commonly used goods and services, increased 3.2% from a year ago despite being unchanged for the month, according to seasonally adjusted numbers from the Labor Department on Tuesday. Economists surveyed by Dow Jones had been looking for respective readings of 0.1% and...
From the Right
Inflation rises 3.2% in October, less than expected
Inflation eased in October for the first time in months, providing some welcome relief to American consumers who have been crushed by unrelenting price increases.
The Labor Department said Tuesday that the consumer price index, a broad measure of the price of everyday goods including gasoline, groceries and rent, was unchanged in October from the previous month. Prices climbed 3.2% from the same time last year.
Both of those figures are lower than estimates by Refinitiv economists.
Other parts of the report pointed to cooling price pressures within the economy....
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