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Inflation Drops to 3.2% in October

The annual inflation rate fell in October, the Bureau of Labor Statistics reported, inching closer to the Federal Reserve’s standard 2% target rate.

The Details: Consumer prices rose 3.2% in the 12 months ending in October, a drop from August and September’s 3.7% rate. Within the month of October, overall prices rose 0%. While some of the price cooling came from falling gas prices, monthly core inflation — which excludes volatile food and energy prices — dropped from 0.3% in September to 0.2%. Despite inflation being far below mid-2022’s 9% peak, some economic experts still say there is a “long way to go” before inflation is back where the government wants it to be.

How the Media Covered It: Coverage was common and fairly similar across the spectrum, although only business outlets featured the story prominently. Some coverage appeared optimistic; The New York Times (Lean Left bias) said the data showed “encouraging signs under the surface,” and the New York Post (Lean Right bias) said it “raised hopes the Federal Reserve could [be] done with its rate-hiking campaign.” 

Posted on 14 Nov 2023 16:57 link