ADDS BIDEN'S REMARKS
By Ovunc Kutlu
ISTANBUL (AA) - Annual consumer inflation in the US came in at 3.2% in October, slowing from a 3.7% gain in September, according to figures released Tuesday.
The figure also was lower than expectations of a 3.3% increase, year-on-year.
The consumer price index (CPI), which measures changes in the prices of goods and services from a consumer's perspective, showed an annual increase of 3.7% in August.
That figure also is a sharp decline from last June's 9.1% yearly gain -- the largest since November 1981.
CPI remained unchanged from the previous month, also slightly lower than estimates of a 0.1% gain, and following a 0.4% increase in September.
"The shelter index was the largest factor in the monthly increase in the index for all items less food and energy," said a Labor Department statement.
Core CPI, which excludes volatile food and energy prices, gained 0.2% in October from the previous month, after rising 0.3% in September, also was lower than expectations of 0.3%.
Annually, core CPI increased 4% in October, after rising 4.1% in September, also coming less than market estimates of 4.1%.
"The energy index decreased 4.5 percent for the 12 months ending October, and the food index increased 3.3 percent over the last year," said the statement.
"At 3.2%, annual inflation is now down by 65% from the peak," President Joe Biden said in a statement, adding that US gasoline prices are now below $3.40 per gallon (3.78 liters), reflecting an average decline of $1.65 from the peak after Russia's “special military operation” in Ukraine.
"Inflation has come down while the unemployment rate has been below 4% for 21 months in a row—the longest stretch in more than 50 years—while wages, wealth, and the share of working-age Americans with jobs are all higher now than before the pandemic," he said.
Biden said his administration continues trying to lower costs for American families, from eliminating costly junk fees on air fares and event tickets, to cutting prescription drug costs and health care premiums, and reducing energy costs.