The core consumer price index is up 4% on an annual basis, still well above the government’s 2% target.
Topline
The government’s more steady core inflation index moderated in October to its lowest level in two years, though there’s still plenty of work to do to bring inflation down to the Federal Reserve’s goal.Key Facts
Consumer prices rose 3.2% on an annual basis last month and flat month-over-month, according to Labor Department data released Monday morning.
That comes in just below consensus economist estimates of 3.3% annual inflation and a 0.1% monthly jump, according to FactSet.
It’s the first time since July 2022 that prices did not rise month-over-month and the lowest annual reading since this July, also coming in far below October 2022’s 7.
