Economists polled by Reuters had forecast the CPI to rise 0.6%. In the 12 months to October, the CPI rose 7.7% after rising 8.2% on the same basis in September.
It was the first time since February that the annual increase in the CPI was below 8%.
Annual inflation peaked at 9.1% in June, marking the biggest advance since November 1981. Annual inflation is slowing as last year’s big gains disappear from the calculation.
Last week, the Federal Reserve carried out a fourth consecutive hike in interest rates by 75 basis points and said its fight to bring inflation down to the US central bank’s 2% target would require a further hike in interest costs. the loans.
However, he noted that it could be nearing a tipping point in what has become the fastest cycle of rate hikes since the 1980s.
