The latest report released by the Bureau of Labor Statistics (BLS) has shown that inflation in the United States has continued its recovery. The report showed that in October, inflation registered its smallest monthly increase this year.
The Consumer Price Index (CPI), which acts as a means to measure inflation, rose 7.7% year-over-year in October, which is a reduction from the 8.2% increase in September. The BLS report showed inflation rose 0.4% on a monthly basis, which is the same increase as September.
As a whole, prices for shelter, food and gas increased in October, with prices for shelter contributing to over 50% to the monthly increases in all products. The food index spiked by 0.6%, which is the same increase as September, while the home index spiked by 0.8%, which is a 0.1% increase from September.
Gas prices, which assisted in offsetting price increases in other parts of the economy over the last several months, rose 4.0% in October, after decreasing 4.9% in September.
“Today’s CPI reading for October is a good sign for consumers who have been struggling the last few months to absorb the continued squeeze of inflation on household budgets,” said Scott Brave, the head of economic analytics at Morning Consult. “Combined with Morning Consult’s latest data on purchasing power and inflation-adjusted monthly spending, it suggests households received a welcome reprieve from the sting of inflation last month.”
President Biden, who seemed to suggest that the economy has been recovering from the state that it was in under then-President Donald Trump.
“Today’s report shows a much-needed break in inflation at the grocery store as we head into the holidays,” Biden said in a statement. “It has been a hard two years to recover from where things were in January 2021.”
He added, “But our economy has reopened, new jobs are being created, new businesses are growing, and now, we are seeing progress in getting inflation under control – with additional measures taking effect soon.”
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