Consumer prices in the United States fell in October after rising over the past two months.
The Consumer Price Index rose by 3.2% in the 12 months ending in October, down from 3.7% in September, according to Bureau of Labor Statistics data released on Tuesday.
The US inflation rate slowed down significantly in October, largely due to the falling cost of gasoline, which helped slow the pace of price growth.
The index of consumer prices increased by 3.2% year on year in October, a pace a little slower than the rate of 3.7% recorded in September and August and expected by economists surveyed by FactSet to slow down the rate of inflation in October to 3.3% on an annual basis.
It is likely to slow the growth of consumer prices in October due to lower gasoline prices, but core inflation, which excludes food and energy prices, has proved its persistence is likely to fall by less.
The October CPI report is expected to show that the pace of inflation slowed to 3.3% month-on-month on an annualized basis, down from the 3.7% rate recorded in September, according to economists surveyed by FactSet.on a monthly basis, economists expect headline inflation to grow by 0.1%, down from the 0.4% pace recorded in September.
