US Annual Inflation Rate , Fell to 7.7% in October.
The Consumer Price Index data was released on Nov.
10, two days after midterm elections.
It shows that inflation in October increased by 0.4%, which is the same increase as September.
President Joe Biden responded to the report.
It will take time to get inflation back to normal levels — and we could see setbacks along the way — , President Joe Biden, via NBC News.
... but we will keep at it and help families with the cost of living, President Joe Biden, via NBC News.
Americans are already paying around $1.20 less per gallon of gas than this summer.
, President Joe Biden, via NBC News.
Today’s report shows a much-needed break in inflation at the grocery store as we head into the holidays.
, President Joe Biden, via NBC News.
Some analysts say that inflation likely played an important role in the results of the midterm elections.
.
It isn’t just the ongoing pace of increase that is troublesome but the pervasiveness of surging prices across various spending categories that has scarred household budgets, Greg McBride, Bankrate Chief Financial Analyst, via NBC News.
Other analysts stated that the data points to a possibility that there will be no recession.
We still see a very plausible ... path from the high-inflation economy of the present to a low-inflation economy of the future without a recession, Jan Hatzius, Goldman Sachs Economist, via NBC News.
The data points to the complexities of the U.S. economy, in that the recent interest rate hikes have not been a cure-all for inflation.
Despite a half-dozen interest rate hikes by the Federal Reserve, any broad-based, significant and sustained easing of inflation pressures remains elusive, Greg McBride, Bankrate Chief Financial Analyst, via NBC News
