Inflation Slows in October to 3.2 Percent

The consumer price index was flat in October, supporting the case for cuts to interest rates next year.

People shop in a grocery store in Los Angeles, Calif., on Oct. 12, 2023. Mario Tama/Getty Images

The U.S. annual inflation rate eased to 3.2 percent in October, coming in slightly lower than the consensus estimate of 3.3 percent, according to the Bureau of Labor Statistics (BLS). This is notably down from 3.7 percent in September.

Last month, the Consumer Price Index (CPI) was unchanged at zero percent monthly.