US Inflation October 2022

Inflation came in at 7.7% in October, down from 8.2% in September. October recorded the lowest inflation rate since January, and was below market expectations. This figure is primarily due to lower energy and food price pressures. However, inflation was still well above the Fed’s target of 2.0%.

The trend indicated a moderate upward trend, with annual inflation averaging 8.0% in October (September: 7.9%). Meanwhile, core inflation fell to 6.3% in October, from 6.6% in the previous month.

Finally, consumer prices rose 0.44% from the previous month in October, largely in line with the 0.39% rise recorded in September. October’s rise was the highest reading since June.

FocusEconomics panelists see inflation at 4.0% in 2023, which is 0.2 percentage points higher than last month. In 2024, our committee expects inflation to reach 2.5%.

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