Consumer prices held stable in October, bringing the annual inflation rate down to 3.2% from 3.7% a month ago as energy prices receded, the Bureau of Labor Statistics said on Tuesday.
“Further evidence of disinflation inside the October inflation report,” RSM US Chief Economist Joseph Brusuelas posted on social media, noting that month-over-month inflation was flat at 3.2% and core inflation was up 0.2 percent to 4% over the same period.
Although prices for a wide variety of goods and services have cooled this year, the current inflation rate is well above the 2% target set by the central bank.
“Inflation expectations over the next 5 years dipped to 2.7%, slightly above the Fed’s long-run target of 2%.
“We don’t think the last mile of disinflation will be particularly hard,” Goldman Chief Economist Jan Hatzius wrote in the outlook.
Persons:
Joseph Brusuelas, Stocks, Matt Bush, Patrick De Haan, “, ”, Piyush Patel, Jeffrey Roach, Goldman Sachs, Jan Hatzius
Organizations:
of Labor Statistics, RSM, Federal, Treasury, Dow Industrial, Guggenheim Partners, CNBC, National Retail Foundation, NRF, Affinity Solutions, Wall Street, Travel, Gas, New York Federal Reserve Bank, University of Michigan’s, LPL, Investment, ” Goldman
Locations:
U.S