A cooling in U.S. consumer prices offered cheer to households, investors and Federal Reserve officials, but there’s still a long way before high inflation becomes history.
At 7.7%, annual inflation in October was the slowest since January — before the start of Russia’s war in Ukraine that triggered a worldwide surge in commodities and pump prices. Even more importantly for the Fed, a closely watched measure that excludes food and energy decelerated by more than economists anticipated.
