The Labor Department is expected to report today that consumer prices jumped 8% from 12 months earlier and by a sharp 0.6% from September to October.
WASHINGTON — The nation’s punishing inflation rate likely kept simmering in October, giving the Federal Reserve little cause to ease up in its drive to slow price increases by steadily raising interest rates.
Inflation was near the top of many voters’ minds in the midterm congressional elections that ended Tuesday. Their economic anxieties contributed to the loss of Democratic seats in the House of Representatives, though Republicans failed to score the huge political gains that many had expected. And as declines in new rents that have emerged in real-time measures from such sources as ApartmentList and Zillow begin to be captured in the government’s forthcoming measures, that factor should also reduce inflation.
Higher mortgage rates have depressed sales. Home prices are slowing sharply compared with a year ago and have begun to fall on a monthly basis. The cost of a new apartment lease is also declining.
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