US consumer price inflation cooled down in October after rising for the last two months.
The Consumer Price Index rose 3.2% for the 12 months that ended in October, down from 3.7% in September, according to Bureau of Labor Statistics data released Tuesday.
On a monthly basis, prices were unchanged for the first time since July 2022. A month before, they shot up 0.4% as gas and rent costs added upward pressure.
Economists anticipated a 0.1% monthly increase and a 3.3% year-over-year gain, according to Refinitv consensus estimates.
There also was positive news on the underlying inflation front.
Core CPI, which excludes the more volatile food and energy categories, climbed 0.2% monthly, bringing the annual increase to 4%, which is the lowest yearly increase since September 2021. The index cooled from the prior month, when core CPI rose 0.2% monthly and 4.1% annually.
This story is developing and will be updated.