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By Staff Reporters
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CITE: https://www.r2library.com/Resource
Inflation continues to cool
The Fed’s preferred inflation measure increased 3% in October, down from 3.4% in September and getting closer to the central bank’s much-ballyhooed target of 2%. A drop in gas prices—down 4.9% from the previous month—was a major factor. Increases in core prices, which strip out food and energy costs, also slowed last month. In the last six months, core inflation has grown at a 2.5% annual rate—down significantly from 5.1% last year.
The news means the Fed will likely keep interest rates unchanged at its final 2023 meeting on December 12t and 13th.
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