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.FREDERIC J. BROWN/AFP via Getty Images
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 rallied Thursday after a better-than-expected report on inflation showed that the galloping price increases that consumers have had to endure 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. And the price hikes between September and October were significantly smaller than forecasters had expected.Excluding volatile food and energy costs, annual inflation was 6.3% in October — down from 6.6% the month before.
Investors cheered the news, with the Dow Jones Industrial Average rising more than 800 points or 2.5% in the first hour of trading.Housing costs accounted for nearly half the monthly price increase, but rents showed their smallest increase in five months. Food costs rose at the slowest pace in 10 months. Gasoline prices rose 4% in October, but remain well below their peak price in early summer.
Everything has consistently gotten worse since Biden took office. Now that the mid terms are over prices will skyrocket.
Really, on what planet? Last people checked prices are still off the charts … False narratives are flying around as Democrats had a few wins. Prices are still Sky high, Oil prices to heat your home are INSANE
StellaBeat Yes, what makes the difference? My investment co. robbed me of over $300,000. No help for me. Pat
Does inflation actually ebb? Slowing is great but if they can get $3+ for a doz eggs that price isn't going anywhere. It's what it costs barring some crazy egg surplus!
If only this report came out a couple of weeks back…
'Galloping price increases'? All morning long, the good news that inflation is actually falling faster than people thought, has been qualified by NPR with phrases about how 'bad' it was before it started falling, turning good news into bad. The CNN of radio.
Oh goodie, begin to slow but now that they have pushed them there they won’t go back down again.
Perhaps partly relief that there was no “red wave”?
Big business needs to do more
GRETCHEN WHITMER WON BY DOUBLE DIGITS MI LEGISLATURE FLIPPED WHITMER 2024
Do you mean galloping profit margins for us corporations that had a record of 3 trillion dollars to date in 2022 Corporate greed drove inflation, facts do matter.
Inflation slowing but still crushingly high.