US petrol prices are down, but elevated inflation continues
Summary
U.S. consumer prices rose 0.4% in October, more than forecasts, as shelter and food costs increased despite gasoline prices falling below $4 a gallon. The article reports that cost-of-living concerns were prominent in the November 3 midterm elections, where Republicans lost control of both chambers of Congress.Key Facts
- The Bureau of Labor Statistics reported a 0.4% rise in the Consumer Price Index in October.
- The Cleveland Fed had forecast a 0.2% increase, while economists polled by FactSet expected 0.3%.
- Shelter and food costs rose in October.
- The average U.S. gasoline price fell to $3.98 a gallon, its lowest level since July, according to AAA.
- Gasoline averaged $3.07 a gallon a year earlier and $2.98 on February 28, when the United States and Israel first struck Iran, according to the article.
- A Reuters/Ipsos poll found that 78% of voters considered cost of living very important or the most important issue in deciding how to vote.
- The article says Republicans lost control of the House and Senate in the November 3 midterm elections.
- The Reuters/Ipsos poll found that 32% approved of President Donald Trump's job performance.
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