The Labor Department is expected to report Thursday that consumer prices jumped 8% from a year ago, and by a sharp 0.6% from September to October, according to a survey of economists.
The year-over-year gain was the smallest since January. Excluding volatile food and energy prices, "core" inflation rose 6.3% in the past 12 months and 0.3% from September.Even with last month’s tentative easing of inflation, the Federal Reserve is widely expected to keep raising interest rates to try to stem persistently high price increases. Many economists warn, though, that in continuing to aggressively tighten credit, the Fed is likely to cause a recession by next year.
Like many other countries, the United States is struggling to control inflation, which is pressuring millions of households and dimming the outlook for the economy as the Fed keeps raising borrowing costs for businesses and consumers.
Except for automakers, which are still struggling to acquire the computer chips they need, supply chain disruptions have largely unsnarled. Shipping costs have dropped back to pre-pandemic levels. The backup of cargo ships off the port of Los Angeles and Long Beach has been cleared. Even as many fear that the economy will fall into recession next year, the nation's job market has remained resilient. Employers have added a healthy average of 407,000 jobs a month, and the unemployment rate is just 3.7%, close to a half-century low. Job openings are still at historically high levels.
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