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BREAKING NEWS: Inflation Eased in October, CPI Report Shows

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The annual rate of inflation ticked down in October, but stubbornly high prices kept inflation at the same pace on a monthly basis, new data out today finds.

The yearly rate of inflation dipped to 3.2 percent in October, according to the Consumer Price Index (CPI) from the U.S. Bureau of Labor Statistics (BLS), down from the 3.7 percent rate as reported in September.

Real average hourly earnings increased 0.8 percent, seasonally adjusted, from October 2022 to October 2023, the BLS reported separately today. The change in real average hourly earnings combined with a decrease of 0.9 percent in the average workweek resulted in no change in real average weekly earnings over this period.

Despite the slowdown in inflation, employees are still worried about high costs of living. A Bank of America report found that two-thirds (67 percent) of employees said they believe the cost of living is outpacing growth in their salary or wages.
 
 
 
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