By Felix Richter
Inflation in the U.S. cooled down more than expected in October as consumer prices held steady compared to the previous month. According to the Bureau of Labor Statistics, the Consumer Price Index for All Urban Consumers (CPI-U) increased 3.2 percent over the last 12 months, down from 3.7 percent the previous two months and below consensus estimates of 3.3 percent. On a monthly basis, prices were unchanged for the first time since July 2022, as a drop in gas prices offset a further increase in rents and other costs of shelter. Meanwhile core inflation, which excludes volatile food and energy prices, continued its downward trend, falling to 4.0 percent in October – the lowest rate since September 2021.