October inflation rate 3.2%, unchanged from previous month and above target rate: Feds

The Consumer Price Index increased by 3.2% in October compared to 12 months prior.

Published: November 14, 2023 8:41am

Updated: November 14, 2023 9:14am

The seasonally adjusted inflation rate for October 2023 remained unchanged from the previous month and sits at 3.2%, according to the Labor Department's Consumer Price Index Report released Tuesday. 

The rate increased by 3.2%, compared to October 2022. In September, inflation was at 3.7% compared to the same time the previous year.

However, when the latest inflation data is seasonally adjusted, it shows that prices have remained the same from September 2023 to October 2023. 

The index measures a wide range of commonly used services and goods including gas, food and rent.

Economists surveyed by Dow Jones projected a 0.1% month increase and a 3.3% annualized increase.

October's index remains above the Federal Reserve's target interest rate of 2%. The bank said earlier this month that it would maintain its interest rates at a range between 5.25%-5.5%, where it has been since July, after the Fed raised rates in an attempt to fight rising prices. 

Meanwhile, inflation remains the top issue for voters ahead of the 2024 election. 

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