Summary
President Donald Trump announced that inflation had stopped, but new data from the Bureau of Labor Statistics shows a 2.7% increase in the Consumer Price Index over the past year. This is lower than previous months but still higher than the 2% target set by the Federal Reserve.
Key Facts
- President Trump stated his administration is quickly reducing high prices.
- The latest Consumer Price Index shows a 2.7% inflation rate for the past year.
- This marks a decrease from September's 3% inflation rate.
- October's inflation data was not released due to a government shutdown.
- Core inflation, which excludes food and energy, is at 2.6%.
- Energy prices rose 4.2%, and the food prices increased by 2.6% in the last year.
- Electricity costs grew by 6.9%, and gas utility prices increased by 9.1%.
- Prices for items like dairy, fresh fruits, and vegetables decreased, while coffee and beef prices rose by 18.8% and 15.8%, respectively.
