The Consumer Price Index rose 7.7% in October compared to October 2021, according to data released today by the US Department of Labor.
THE Inflation finally appears to be slowing in the US and in October fell to its lowest point since January 2022, but the president Joe Biden warned that returning to a normal level will take “time”.
The Consumer Price Index increased by 7.7% in October compared to October 2021, according to data released today by the US Department of Labor.
It’s a less strong increase than the 8.2% increase recorded in September on a year-over-year basis. And it’s also less than the 7.9% analysts were expecting, according to financial website MarketWatch.
The data on a monthly basis are also positive, with prices increasing by 0.4% compared to September, which is the same as the change recorded between August and September. This is a pleasant surprise, since analysts were predicting an increase of 0.6%.
Data shows ‘progress’ but ‘it will take time to see inflation return to normal levels’ — and we may encounter obstacles along the way,” Biden said in a statement two days after the midterm elections.
Inflation was one of the main issues of the election campaign. Republicans initially focused on the issue of inflation, blaming President Joe Biden for this rise in prices.
Awaiting the announcement of the final results of the US midterm elections, Republicans appear poised to win control of the House of Representatives, while uncertainty remains over control of the Senate.
“We’ve learned over the past 18 months that one month of good inflation proves nothing, but we see strong reasons to believe this report is good,” commented Ian Shepherdson, economist at Pantheon Macroeconomics.
However, “the fever seems to be falling for residential rentals, a few months earlier than we expected,” he emphasized.
Housing accounts for a significant share of inflation, and this applies to both renting and buying.
Property prices have soared during the Covid-19 pandemic, boosted by historically low interest rates and the fact that telecommuting has enabled many to move away from major urban centres.
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