Annual US consumer inflation eases to 7.7% in October

Annual US consumer inflation eases to 7.7% in October

Figure, down from 8.2% in September, shows smallest 12-month increase since January 2022

By Ovunc Kutlu

ANKARA (AA) – Annual consumer inflation in the US came in at 7.7% in October, easing from the 8.2% yearly gain in September, according to official figures released on Thursday.

The consumer price index (CPI), which measures changes in the prices of goods and services from a consumer's perspective, came in lower than the market estimate of an 8% annual increase.

The figure is the smallest 12-month increase since the period ending January 2022, while it is a sharp decline from the 9.1% yearly gain in June, which was the largest 12-month increase since November 1981.

On a monthly basis, CPI in October rose 0.4% from the previous month, again coming below the market expectation of a 0.6% gain. CPI in September showed a monthly gain of 0.4%.

"The food index increased 0.6% in October following a 0.8% increase in September," the Labor Department said in a statement.

"The energy index increased 1.8% in October after falling in the preceding three months. The gasoline index rose 4.0% over the month, also following three consecutive declines," it added.

Core CPI, which excludes food and energy, gained 0.3% in October from the previous month, again below the market expectation for a 0.5% rise. In September, core CPI also posted a monthly increase of 0.6%.

Annually, core CPI rose 6.3% in October, coming below the market estimate of a 6.5% gain, while it rose 6.6% in September year-on-year.

"The energy index increased 17.6% for the 12 months ending October, and the food index increased 10.9% over the last year; all of these increases were smaller than for the period ending September," the statement said.

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