Inflation came in at 7.7% in October, down from September’s 8.2%. October’s figure marked the lowest inflation rate since January, and was below market expectations. The figure was primarily due to lower price pressures for energy and food. That said, inflation was still well above the Federal Reserve’s 2.0% target.
The trend pointed up mildly, with annual average inflation coming in at 8.0% in October (September: 7.9%). Meanwhile, core inflation fell to 6.3% in October, from the previous month’s 6.6%.
Lastly, consumer prices rose 0.44% from the previous month in October, largely in line with the 0.39% rise logged in September. October’s uptick was the highest reading since June.
FocusEconomics panelists see inflation averaging 4.0% in 2023, which is up 0.2 percentage points from last month. In 2024, our panel expects inflation to average 2.5%.
