Connect with us

Business

Prices stayed flat in October as annual inflation dropped on November 14, 2023 at 1:36 pm Business News | The Hill

Published

on

Consumer prices moved little last month as inflation flattened out in October, according to data released Tuesday by the Department of Labor.

The consumer price index (CPI), a closely watched gauge of inflation, stayed even with its September level last month. Prices were up 3.2 percent over the past year, far lower than September’s annual inflation rate of 3.7 percent.

The new inflation figures are a welcome sign of reprieve after three consecutive months of rising or unchanged inflation. Economists expected the annual inflation rate to drop to 3.3 percent in November, according to consensus estimates.

Advertisement

Housing costs also rose at a much slower rate than in September, according to the Labor Department, taking another bite out of overall inflation.

The October inflation slowdown should keep the Federal Reserve on track to finish the year without another interest rate hike. The Fed has kept rates unchanged after its past two policy meetings and is expected hold off again at its final summit of the year in December.

Fed officials are wary of pushing the economy into a recession after months of slowing job growth and easing prices. The Fed may stop raising rates this year, but the bank is likely to keep them higher than their pre-pandemic level to prevent another inflation flare-up.

Slowing inflation is also a crucial boost to President Biden and Democrats, who are facing deep voter resentment after more than two years of high inflation.

Advertisement

Americans are feeling the pinch of prices driven higher by inflation and the interest rates meant to bring them down, a politically toxic combination for Biden as he seeks another term.

Updated at 9:08 a.m.

​Business, Economy Consumer prices moved little last month as inflation flattened out in October, according to data released Tuesday by the Department of Labor. The consumer price index (CPI), a closely watched gauge of inflation, stayed even with its September level last month. Prices were up 3.2 percent over the past year, far lower than September’s annual…  

Advertisement
Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

Queen Latifah Says Female Leaders Need to Do These 4 Things to Succeed on December 1, 2023 at 9:06 pm Entrepreneur: Latest Articles

Published

on

By

The celebrated actress, entertainer and entrepreneur has strong advice for women in business.

​Women Entrepreneur™ The celebrated actress, entertainer and entrepreneur has strong advice for women in business.  

Advertisement
Continue Reading

Business

A Judge Blocked a U.S. State’s Attempt to Ban TikTok for All Residents — Here’s Why on December 1, 2023 at 9:21 pm Entrepreneur: Latest Articles

Published

on

By

Montana residents would have faced $10,000 fines for using the app.

​News and Trends Montana residents would have faced $10,000 fines for using the app.  

Advertisement
Continue Reading

Business

Walmart joins list of companies nixing ads on Musk’s X on December 1, 2023 at 10:02 pm Business News | The Hill

Published

on

By

Walmart joined the list of companies who have pulled advertisements from X, the platform formerly known as Twitter, Friday.

“We aren’t advertising on X as we’ve found some other platforms better reach our customers,” Walmart said in an emailed statement to The Hill.

Walmart’s emailed statement comes two days after X owner Elon Musk told companies who were taking their advertisements off the platform to “go f— yourself.” When New York Times financial columnist Andrew Ross Sorkin asked Musk during the publication’s DealBook Summit if he didn’t want the companies to advertise, he said “Don’t advertise. If someone is going to try and blackmail me with advertising? Blackmail me with money? Go f— yourself.”

Advertisement

Musk received backlash last month after appearing to endorse an antisemitic conspiracy theory. The company itself faced criticism a day after the tweet when Media Matters for America said it found ads for companies like Oracle, Apple, Bravo and Xfinity next to posts celebrating the Nazi Party and Adolf Hitler on the platform. 

Companies like Apple and Disney announced that they were pulling their ads from the platform in the wake of Musk’s seeming endorsement of the antisemitic conspiracy theory and the Media Matters findings.

Musk has dismissed claims of antisemitism, saying “[n]othing could be further from the truth.”

“I wish only the best for humanity and a prosperous and exciting future for all,” Musk continued in a post on X.

Advertisement

​Business, Media, News, Technology, Twitter, Walmart, X, X ads Walmart joined the list of companies who have pulled advertisements from X, the platform formerly known as Twitter, Friday. “We aren’t advertising on X as we’ve found some other platforms better reach our customers,” Walmart said in an emailed statement to The Hill. Walmart’s emailed statement comes two days after X owner Elon Musk told…  

Continue Reading

Trending