US consumer inflation eased to 7.7% over past 12 months
The moderating price increases in the US are the latest signs that the inflation pressures that have gripped the nation might be easing as the economy slows
WASHINGTON (AP) — Price increases moderated in the United States last month in the latest sign that the inflation pressures that have gripped the nation might be easing as the economy slows and consumers grow more cautious.
Consumer inflation reached 7.7% in October from a year earlier and 0.4% from September, the Labor Department said Thursday. The year-over-year increase, a slowdown from 8.2% in September, was the smallest rise since January. Excluding volatile food and energy prices, "core" inflation rose 6.3% in the past 12 months and 0.3% from September.
The numbers were all lower than economists had expected.
From September to October, the prices of clothing, used cars and medical care all fell. Food price increases slowed. By contrast, energy prices rebounded last month after having declined in August and September.
