Consumer Price Index shows that inflation eased in October
PITTSBURGH (KDKA) - There are many issues that drove voters to the ballot box on Tuesday and one of those big issues was the economy, and moreover, inflation.
This morning, those that voted because of inflation, will have their eyes on the Consumer Price Index Report that will tell us just where inflation may be sitting.
The Consumer Price Index, which measures everything from the price of gas to the price of eggs, will provide Americans with much-needed information today as to whether or not the country saw any relief from rising costs.
Economists are optimistic that inflation has slowed slightly in the last month but nowhere near enough for the Federal Reserve to start pumping the brakes on the aggressive rate hikes it has put in place to try to help bring inflation under control.
Overall, inflation is expected to be sitting at 8 percent, ticking down from 8.2 percent in September, with volatile food and energy categories expected to go from 6.6 percent down to 6.5 percent.
Another small bright spot is that though job growth is slowing and large layoffs have been announced recently for some major companies, many who become unemployed, don't stay unemployed for long.
While this is all slightly good news, the cost of labor is still high around the country and everything from housing to doctor visits is costing more and Americans are seeing little relief.
According to the Labor Department, consumer inflation reached 7.7 percent in October, a 0.4 percent decrease from September.
Meanwhile, excluding volatile food and energy prices, "core" inflation rose by 6.3 percent in the past 12 months and 0.3 percent since September.
Those numbers were all lower than economists had expected.
This furthers the idea that inflation is beginning to moderate, despite the Federal Reserve's continued interest rate hikes.