Although inflation cooled slightly in October, it is still hovering near record highs.
Fox Business reports that the Labor Department reported Thursday morning that the Consumer Price Index, which measures the cost of everyday goods such as gasoline and groceries, increased 0.4% in October compared to the previous month. On an annual basis, prices increased 7.7%.
Fox Business reports that these figures were lower than the headline figure of 8% and the 0.5% monthly increase forecasted by Refinitiv economists.
This is a developing story…
BREAKING NEWS: Inflation holds grip on US economy in October as prices remain stubbornly highhttps://t.co/5lHB3y4jLx
Fox News (@FoxNews November 10, 2022
