HomeEconomyUS inflation slows to 6% in October
By Economy Middle East
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December 2, 2022 9:30 am

US inflation slows to 6% in October

household incomes in October increased by 0.7 percent
US inflation
US inflation

The US Commerce Department said Thursday that inflation rose in October in line with estimates, sending a signal that price increases could at least stabilize.

The core PCE price index, a measure that does not include food and energy favored by the Federal Reserve, rose 0.2 percent for the month and rose 5 percent from a year ago. The monthly increase was less than 0.3 percent of the Dow Jones estimate.

The consumer price index used specifically to align pensions with prices, whose figures were released two weeks ago, also reflected a slowdown in inflation to 7.7 percent at an annual rate, compared to 8.2 percent in September, falling to its lowest level since January 2022.

Read:UK inflation reaches 41-year high

On the other hand, household incomes in October increased by 0.7 percent compared to the previous month, according to the government, an increase that exceeded expectations and higher than September (0.4 percent). This increase resulted from wage increases as well as social and state assistance.

Americans’ spending also accelerated, up 0.8 percent, according to analysts’ expectations, compared to +0.6 percent in September.