Millions of workers received a 2.8% pay cut in October when accounting for stubbornly and painfully high inflation, which surged more than expected last month.
The government said Thursday that the Consumer Price Index, a broad measure of the prices of everyday goods, including gasoline, groceries and rents, rose by 0.4% in October from the previous month. Prices climbed by 7.7% on an annual basis.
Those figures were both lower than the 8% headline figure and the 0.5% monthly increase forecast by Refinitiv economists, a potentially reassuring sign for the Federal Reserve as it tries to tame runaway inflation with a series of aggressive interest rate hikes. It marked the slowest annual inflation rate since January. in the economy are starting to slow, core prices — which strip out the more volatile measurements of food and energy — climbed by 0.
Other price gains proved persistent and stubbornly high in October: The cost of groceries climbed by 0.5%, putting the 12-month increase at 12.4%. Consumers paid more for items like cereal, bread, fresh fish and seafood, eggs and fresh vegetables, including tomatoes and lettuce. Shelter costs, which account for about 40% of the core inflation increase, rose by 0.7% for the month and are up by 6.9% over the past year, the fastest annual increase since 1982. Rent costs jumped by 0.8% over the month and by 7.5% on an annual basis. Rising rents are a concerning development because higher housing costs most directly and acutely affect household budgets.
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