- Current inflation data suggested a decline of around half a percent to 3.2 percent
- The Fed has tried to reduce inflation to 2 percent through high interest rates
The annual inflation rate fell to 3.2 percent in October.
However, figures released by the US Bureau of Labor Statistics on Wednesday showed that prices remained stable on a monthly basis between September and October.
The latest data suggests inflation is cooling after a monthly rise of 0.4 percent in September and is a promising sign for the Federal Reserve, which has tried to control inflation with historic interest rate hikes.
Accommodation costs continued to rise in October, offsetting a decline in the gasoline index.
Gasoline prices fell 5.0 percent in October, reducing overall energy costs by 2.5 percent.
According to figures released Wednesday by the U.S. Bureau of Labor Statistics, the price of gasoline fell 5.0 percent in October
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