Most gauges of workers’ wages, for example, show that the robust pay increases of the past 18 months have leveled off and have begun to fall. Their economic anxieties contributed to the loss of Democratic seats in the House of Representatives, though Republicans failed to score the huge political gains that many had expected.Įven before Thursday’s figures, inflation by some measures had begun to ease and could continue to do so in coming months. Inflation was near the top of many voters’ minds in the midterm congressional elections that ended Tuesday. So far this year, the Fed has raised its benchmark interest rate six times in sizable increments, heightening the risk that prohibitively high borrowing rates - for mortgages, auto purchases and other high-cost expenses - will tip the world’s largest economy into recession. Many economists warn, though, that in continuing to aggressively tighten credit, the Fed is likely to cause a recession by next year. The numbers were all lower than economists had expected.Įven with last month’s tentative easing of inflation, the Federal Reserve is widely expected to keep raising interest rates to try to stem persistently high price increases. Excluding volatile food and energy prices, “core” inflation rose 6.3% in the past 12 months and 0.3% from September.
The year-over-year gain was the smallest since January. WASHINGTON (AP) - Price increases moderated in the United States last month in the latest sign that the inflation pressures that have gripped the nation might be easing as the economy slows and consumers grow more cautious.Ĭonsumer inflation reached 7.7% in October from a year earlier and 0.4% from September, the Labor Department said Thursday.
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