Inflation Lower, But Still Above Fed Target
Inflation has been decreasing from the relatively high level it was at for the past few years (Figure 1). In October, the core inflation was 4.0% year-over-year. All items inflation was noticeably lower at 3.2% year-over-year. These are down from relatively higher levels last year, but still above the Fed’s goal of about 2% year-over-year.
Seasonally adjusted month-over-month inflation was near zero in October 2023 (Figure 2). There have been months ...
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