U.S. monthly inflation for Oct. only 4/10’s of 1%

[Multicolored Lemur]

Inflation cools much more than expected in October

Americans and the Federal Reserve got some welcome news Thursday on inflation.

amp.cnn.com

“ . . The Consumer Price Index rose 7.7% for the year ending in October, a much slower pace of increase than the 8% economists had expected . . ”

“ . . On a monthly basis, prices rose by 0.4%. That's on par with the previous month's increase of 0.4%. Economists were anticipating the monthly figure to grow, given energy prices marched upward in October amid a move by OPEC+ to slash oil production and ongoing uncertainty in Russia's war in Ukraine. . ”

Now, compared to October a year ago, prices were 7.7% higher, so almost 8%.

But taking it month to month, an excellent sign that inflation is moderating.

And I’ll take good news where I can find it, ‘course I will!

 

[Multicolored Lemur]

Inflation cools much more than expected in October

Americans and the Federal Reserve got some welcome news Thursday on inflation.

amp.cnn.com

Greg McBride, chief financial analyst at Bankrate:

“In categories that are necessities — shelter, food, and energy — we continue to see large and consistent increases,” he said. “The areas posting declines are for the most part either irregular or more discretionary in nature — airfare, used cars, and apparel.”

Year over year, shelter prices are up 6.9%, food prices are up 10.9%, and energy prices are up 17.6%, according to data from the Bureau of Labor Statistics. Costs for staples such as eggs (up 43%), bread (up 14.8%) and milk (up 14.%) remain elevated.

* Oct. 2022 compared to Oct. ‘21

Inflation has a chaotic aspect which is not good for persons living on a fixed income such as Social Security, even if they receive a COLA.

COLA = Cost Of Living Adjustment

 

[AgnosticBoy]

Yeah, inflation sucks. Eventhough the middle income earners is not shrinking, but it is becoming harder live on just that. Imagine those in the lower class incomes. Anyone running for president in 2024 better have inflation as a priority for their economic plan.

 

[Multicolored Lemur]

Anyone running for president in 2024 better have inflation as a priority for their economic plan.

I think it’s one of these “be prepared for worst, hope for best” situations.

I’m old enough that I was in high school during the 1980 election when inflation was a big issue. But it wasn’t in 1984.

Of course, there was the bad 1982 recession. And Fed Chairman Paul Volcker perhaps thought he needed to “wring inflation out” of the system. I’ve read that he believed that inflationary expectations were baked in and therefore he had to go overboard. I say, there has to be a better way.

I believe in a clear medium step where people can get good feedback.

But I tend not to be able to sell this at all! Or, people think this is obvious or stupid or tedious or something like that.

But really, sometimes a big omnibus legislative package is so complicated that even the specialists have trouble knowing what’s going on.