October Inflation Holds Steady, Core Inflation Slows

Consumer prices in the US remained unchanged in October, with a drop in oil prices dragging down headline inflation, while core inflation rose at the slowest pace since September 2021. The Consumer Price Index (CPI) showed no change from the previous month and a 3.2% increase over the prior year. Lower energy costs, particularly gas prices, contributed to the smaller gain in headline figures. On a "core" basis, which excludes food and gas, prices rose 4.0% over the previous year. The shelter index, a key factor in core inflation, increased at the slowest rate in a year. The Federal Reserve is expected to keep rates unchanged in December.