Consumers saw price relief at the gas pump and grocery store. But housing inflation and other categories like car insurance are trouble spots.
The consumer price index rose by 2.6% in October 2024 versus a year earlier, the Bureau of Labor Statistics said Wednesday. That's up from 2.4% in September.
Stephen Brown, deputy chief North American economist at Capital Economics, echoed that sentiment:"The overall trend is positive," he said.The best ways to save money this holiday season "So that's just a catch-up problem," Powell said."It's not really reflecting current inflationary pressures." "Gasoline prices are way down," Zandi said. Average prices could fall further, to below $3 a gallon, he said. (They were at $3.05 a gallon, on average, as of Nov. 11,tariffs of at least 60% on goods imported from China, which has a huge appetite for oil. If Trump's policies were to negatively impact the Chinese economy, they'd also likely dampen China's oil demand.Trump has proposed broader tariffs, of perhaps 10% or 20% on all goods imported to the U.S.
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