central bank, has been raising interest rates as part of its effort to bring inflation under control. inflation rate is well below the world average of 8.8% for the year ending in October, though somewhat higher than the 7.2% average for developed countries.īeginning in March the Fed, the U.S. According to the International Monetary Fund, the U.S. have mirrored inflation across many countries in the wake of the lockdowns caused by the COVID-19 pandemic. had prices rising by just 0.3% in October, significantly slower than the 0.6% measured a month before. Stripping volatile food and energy prices out of the measurement - something economists believe presents a truer picture of the overall direction of prices in the U.S. Prices for goods and services in the United States rose 7.7% during the 12-month period ending in October, the lowest annualized rate since January, leading to speculation that the efforts of the Federal Reserve to tame inflation through interest rate hikes may be bearing fruit.Īccording to data released by the Bureau of Labor Statistics, the Consumer Price Index (CPI) for all urban consumers rose by 0.4% month over month, which was enough to lower the annualized rate significantly from last month’s 8.2% figure.
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