OAN’s James Meyers
8:30 AM – Tuesday, November 14, 2023
Inflation fell for the month of October according to the latest report.
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Data reported by the Bureau of Labor Statistics revealed that inflation dropped half a percentage point to 3.2% for the year ending in October.
The decline comes after a peak of 9% inflation in June last year. Prices on all gasoline dropped by 5% in October compared to last year, the report showed.
“Net, net, there’s no inflation this month, which will ring loud and clear in the markets around the world that Fed officials are done with interest rate hikes this year,” said Chris Rupkey, chief economist at FWDBONDS. “The Fed always wants to see more progress, but it is looking like the inflation battle has rounded the corner and is heading for home in the race to return inflation back to the 2% target.”
Additionally, the energy index dropped almost 3% last month and a 5% decline in the gasoline index, which experts believe is the reason for the small decline in inflation.
“Core inflation,” which strips out volatile food and energy prices, fell to 4% for the year ending in October.
Rising inflation has made life difficult for Americans over the past few years and has caused people to be critical of President Joe Biden’s handling of the economy. In the latest poll 70% of Americans claimed that Biden has hurt the economy.
Furthermore, the economy added 150,000 jobs in October, which was less than what economists had predicted and fell vastly short of September’s addition of 297,000 jobs.
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