The nation’s punishing inflation rate likely kept simmering in October, giving the Federal Reserve little cause to ease up in its drive to slow price increases by steadily raising interest rates.
FILE - A customer readies to pump gas at this Ridgeland, Miss., Costco, Tuesday, May 24, 2022. The Labor Department is expected to report consumer prices on Thursday, Nov. 10. – The nation's punishing inflation rate likely kept simmering in October, giving the Federal Reserve little cause to ease up in its drive to slow price increases by steadily raising interest rates.
Inflation was near the top of many voters’ minds in the midterm congressional elections that ended Tuesday. Their economic anxieties contributed to the loss of Democratic seats in the House of Representatives, though Republicans failed to score the huge political gains that many had expected. And as declines in new rents that have emerged in real-time measures from such sources as ApartmentList and Zillow begin to be captured in the government’s forthcoming measures, that factor should also reduce inflation.
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