People shop for bread at a supermarket in Monterey Park, California on October 19, 2022. Grocery prices were up 12.4% last month from a year earlier, a government report showed.Stocks surged in their biggest rally in two years on Thursday, after a better-than-expected inflation report showed that the galloping price increases that consumers have endured all year are beginning to slow.
, according to the Labor Department. That's a slower pace of inflation than September's 8.2% rate. It's also the smallest year-on-year increase in prices since January. Wall Street analysts said that Thursday's inflation reading will give the central bank good reason to go with a smaller hike.
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