Inflation in the United States continued to cool faster than expected, as prices fell from 3.7% in September to 3.2% in October, a significant decrease in the context of previously high inflation trends, according to data released by the Bureau of Labor Statistics. “Core” prices, excluding food and energy, increased four percent, also a bit slower than in September.
A decrease in oil and gas prices was the most notable cause for the deceleration in inflation. While prices remain higher than pre-pandemic levels, economists have indicated that this report is promising for both the continued decrease of prices and interest rates. Economists similarly expect prices to lessen even further throughout 2024.
The full report from the Bureau of Labor Statistics can be found here.