U.S. Inflation Falls to a 9-Month Low in October 2022

The Bureau of Labor Statistics (BLS) reported that the U.S. Consumer Price Index (CPI) rose 0.4% in October 2022 compared to the previous month (month-to-month/m-to-m). This means that U.S. inflation last month was 0.4%.

Meanwhile, overall U.S. inflation reached 7.7% in October 2022 compared to October 2021 (year-on-year/yoy).

U.S. annual inflation last month fell again for the fourth consecutive time from its highest ever level of 9.1% (yoy) in June 2022. This decrease brought annual U.S. inflation to its lowest level in the past 9 months.

Specifically, food inflation reached 0.6% (m-to-m) and 10.9% (yoy) in October 2022, while energy inflation reached 1.8% (m-to-m) and 17.6% (yoy) last month.

Inflation for all items excluding energy was 0.3% (m-to-m) and 6.3% (yoy) in October 2022.

Previously, U.S. inflation reached its highest level in several decades due to rising global energy and food commodity prices resulting from the Russian invasion of Ukraine. This invasion disrupted the global supply of energy and food commodities, triggering price increases.