US Inflation Cools in October with CPI Rising 3.2% Year on Year

Lower Gas Prices and Federal Reserve's Interest Rate Hikes Help Slow Inflation, but Rates Still Above 2% Target

Inflation in the US slowed in October, with the Consumer Price Index (CPI) rising 3.2% year on year, down from 3.7% in September, according to the Labor Department.
Lower gas prices helped cool overall inflation, which was unchanged from September to October, down from the 0.4% jump the previous month.
Excluding volatile food and energy prices, core prices rose just 0.2% from September to October, slightly below the pace of the previous two months.
The Federal Reserve's interest rate hikes are thought to be cooling the consumer price spikes that have troubled consumers for the past two years.
Despite the slowdown, inflation remains above the Federal Reserve's 2% target.