October inflation breakdown: Where are prices still rising the fastest?

foxbusiness.com:

Piper Sandler Chief Global Economist Nancy Lazar details her economic expectations for the second half of the fiscal year on ‘Mornings with Maria.’

Inflation eased more than expected in October thanks to a drop in the cost of gasoline, but prices for many goods remained abnormally high for millions of U.S. households.

The Labor Department said Tuesday the consumer price index, a broad measure of the price of everyday goods including gasoline, groceries and rent, was unchanged in October from the previous month. Prices climbed 3.2% from the same time last year. 

Both of those figures are lower than estimates by Refinitiv economists.

Other parts of the report pointed to cooling price pressures within the economy. Core prices, which exclude the more volatile measurements of food and energy, climbed 0.2%, or 4% annually. Both of those figures are lower than Refinitiv economists expected.

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«October’s report had good news for both winning the long-term inflation fight and easing some short-term pain,» said Robert Frick, corporate economist at Navy Federal Credit Union. «Core inflation ticked down. If it had ticked up, the odds of a rate hike would have jumped, so crisis averted there. And the price of new and used autos continued to fall despite the UAW strike.»

Here is a breakdown of where Americans are seeing prices rising and falling the fastest as they continue to wrestle with sticker shock.

Rising rents are a concerning development because higher housing costs most directly and acutely affect household budgets. (Gabby Jones/Bloomberg/File / Getty Images)

Housing costs were the biggest driver of core inflation last month. Rent costs rose 0.3% for the month