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October Inflation Report

Inflation shows signs of cooling

Consumer Price Index (CPI) data released today showed that inflation cooled more than expected in October, a hopeful development for American consumers and welcome news for the Federal Reserve and White House after months of stubbornly persistent price increases.

While price increases are still rapid and painful for many households, they are finally beginning to show signs of turning a corner. The inflation index picked up by 7.7 percent in the year through October, less than the 7.9 percent that analysts had expected and down from 8.2 percent in the year through September.

After stripping out food and fuel, both of which jump around in price, a "core" inflation index decelerated to 6.3 percent on an annual basis, down from 6.6 percent in the prior reading. And core price gains decelerated sharply on a monthly basis.

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