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October CPI Slows

November 20, 2023

 $100 Dollar Bills

This month’s consumer price index report brought hopeful news, with inflation cooling to 3.2% year over year in October. Wall Street reacted favorably with stocks jumping higher after the optimistic report. The hope is that easing inflation will put a stop to the Federal Reserve’s interest rate hikes.

Core inflation, which excludes gas and food prices, fell slightly to 4% from 4.1% in September.

  • Core inflation remained higher than overall inflation because food prices continued to moderate (up 3.3% from last year) while energy prices fell 4.5% from October 2022. That included declines of 21% in fuel oil, 16% in natural gas and 5% in gasoline. (Source: