October Inflation Surges, But Less Than Expected; Energy Prices Up Ahead Of Winter

A shopper pauses in the aisle while shopping for food items in Alhambra, California, on April 12, 2022. - Americans paid more for gasoline, food and other essentials last month amid an ongoing wave of record inflation made worse by Russia's invasion of Ukraine, according to government data released Tuesday. (Photo by Frederic J. BROWN / AFP) (Photo by FREDERIC J. BROWN/AFP via Getty Images)

At a glance

  • Year-over-year inflation in October was lower in comparison to the previous month’s reading of 8.2 percent.
  • Energy costs have fallen from their peak earlier this summer to produce a moderation from the 9.1 percent inflation rate in June and the 8.5 percent rate in July, although gasoline prices have since returned to an upward trajectory.
  • Officials at the Federal Reserve have increased target interest rates by 0.75 percent four consecutive times, reflecting a desire to manage rising price levels.

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