WASHINGTON (AP) — Annual inflation may have risen in October for the first time in seven months, a sign that price increases might be leveling off after steadily cooling for more than two years.
WASHINGTON — Annual inflation may have risen in October for the first time in seven months, a sign that price increases might be leveling off after steadily cooling for more than two years.Consumer prices are thought to have increased 2.6% from 12 months earlier, according to a survey of economists by the data provider FactSet, up from 2.4% in September. Measured month to month, prices are believed to have ticked up 0.2% from September to October, the same as in the previous month.
Still, most economists think inflation will eventually resume its slowdown. Consumer inflation, which peaked at 9.1% in 2022, has since fallen steadily, though overall costs are still about 20% higher than they were three years ago. The price spike soured Americans on the economy and on the Biden-Harris administration's economic stewardship and contributed to Vice President Kamala Harris' loss in last week's presidential election.
In addition, the economy is growing faster than many economists had expected earlier this year. It has expanded at nearly a 3% annual rate over the past six months, with consumers, particularly those with higher incomes, spending freely and fueling growth. But clothing costs are believed to have declined, along with prices for groceries, gas and other energy sources.
Powell also noted that most sources of price pressures are cooling, suggesting that inflation isn't likely to accelerate in the coming months. Wages are still growing and have outpaced prices for the past year and a half. But Powell noted that wages aren't rising quickly enough to boost inflation.
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