Washington, DC (WOAY) – The Federal Reserve reports a measure of inflation has eased. However, the steady elevated inflation rate in October suggests the Fed’s intent to continue raising interest rates to cool the economy and slow price increases.
The report from the Commerce Department shows prices rose 6% in October compared to last year. Additionally, the U.S. experienced a 6.3% year-over-year increase in September.
Core inflation over the previous 12 months was 5% less than September’s 5.2% annual increase, excluding volatile food and energy prices.