New Report: Inflation Rises in October, Reversing Trend

Even though inflation has been on a cooling trend, President-elect Trump will enter office at a delicate time for the economy, with the Federal Reserve aiming to lower interest rates, and ensure the continued health of the economy, without rekindling inflation.

The Wall Street Journal explaining the stakes of the economic and political environment as a new October Consumer Price Index report shows inflation slightly increasing.

Why It Matters: This is the first time we’ve seen the rate of inflation rise in seven months in the Consumer Price Index – a report that monitors consumer prices and inflation. While the data met Wall Street expectations (2.6%) and is not a historically high level of inflation overall, this report reverses a noticeable cooling trend. An increase in used vehicle prices and shelter added to this increase. See the report HERE.

For Context: Last year, during this same period, the rate of inflation was above 3%. The rate of inflation hit a high of 9.1% in 2022.

Another Interesting Tidbit: According to The Wall Street Journal, “consumer prices are now about 20% higher than they were before [President Biden] came into office.”

Read More: Inflation Picked Up in October; CPI Up 2.6% on Year, But Door Stays Open to Fed Rate Cut (WSJ)