United States: Prices for Goods Moderate

The consumer price index (CPI) rose 0.4% in October after an identical increase in September and a gain of just 0.1% in August. The index for all items less food and energy rose 0.3% in October, less than the 0.6% gains posted in the previous two months. The all items index continued to decline, posting its smallest 12‑month increase since the period ending January 2022. It increased 7.7% for the 12 months ending October, down from 8.2% in September. The 12‑month change in the all items less food and energy index also slowed from 6.6% to 6.3%. Inflation is still too high in the United States, but some pressures seem to be easing, especially on the goods side. That doesn’t mean the Fed’s work is done, however. Expect more rate hikes to come.