There’s finally some positive news on the inflation front – the consumer price index eased last month.
Prices were up 7.7% in October from the year before – still uncomfortably high, but encouragingly on the decline. Core inflation, stripped of volatile food and energy prices, is up 6.3% from the year before. After reaching a decades-long high last month, it should be a comfort to both the Federal Reserve and consumers to see that ticking down.
We have been following the reversing position of services and durable good inflation – this trend continued in October. The