The United States saw a welcome decrease in consumer inflation in October, primarily due to lower gas prices. The Labor Department's report indicated a slowdown in inflation, with consumer prices rising 3.2% in October compared to 3.7% in September. This reduction is seen as a result of the Federal Reserve’s interest rate hikes aimed at moderating consumer price spikes that have been challenging for consumers over the past two years. The Fed, under Chair Jerome Powell, is carefully evaluating whether further rate hikes are necessary to control inflation. Despite some industries facing challenges due to higher borrowing rates, the overall easing of inflation offers a glimpse of economic stability, potentially steering the economy away from a deep recession.
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