from the government play in cooling inflation? taste from the government play in cooling inflation? from the government play in cooling inflation? we will have to see what cooling inflation? we will have to see what details cooling inflation? we will have to see what details are - to see what details are announced tomorrow but we do expect a combination of higher taxes and lower spending and that should help to bring down demand which, in turn should help to return inflation back to the 2% target. help to return inflation back to the 296 target. help to return inflation back to the 296 target. how far are we have getting to the 296 target. how far are we have getting to to the 296 target. how far are we have getting to the - to the 296 target. how far are | we have getting to the point? are we near the target? it will take some time for inflationary pressure to feed through the system. we see that now, inflation came in, as you may have mentioned, earlier at around 10% in sep
another sign this morning that inflation is easing up. the consumer price index, that rose by 8% in october. it is better than economists were expected. so let s get a sense of this. matt egan with here with more on this. what do you see here. we re seeing more evidence that inflation is finally cooling off. wholesale prices rising by 8% year-over-year in october, that is down from 8.4% in september. month over month prices rising half as much as expected. now, 8% wholesale inflation is not healthy or normal. at almost any other point in the last 20 years this would be a terrib terrible number. but everything is relative and this is another step in the right direction. this is the fourth straight month of cooling inflation year-over-year as you could see on that chart, we had wholesale inflation at nearly 12% back
groceries that americans buy to eat at home have soared by more than 13% in the past year. some of the standard items are the most sticker shock including eggs which are up a staggering 38%, flour, chicken and milk all seeing double digit spikes. and ground beef, fruit and vegetables are now more than 9% more expensive. there are a number of reasons why it is happening. a deadly avian flu, severe drought and the war in ukraine have all driven up those food prices. there is some relief for drivers in the u.s. average gasoline prices have finally dropped below $4 for a gallon of regular. that is according to the american automobile association. a month ago a gallon cost nearly $4.17. u.s. president biden welcomed the news of cooling inflation and said the latest data shows the efforts to tackle rising prices are working. kaitlan collins reports from the white house.
nationwide poll found 58% of americans are concerned they don t have enough savings lined up. 43% are expected to fall deeper in debt in rising inflation. in july the consumer confidence index slipped for the third straight month. the lowest point since president biden took office. and the administration that has long insisted this inflation is transitory, of course, doesn t have a best track record on predictions but placing full faith in the fed to execute a soft landing cooling inflation without triggering a recession. we have a strong labor market, that s why household balance sheets i know they are struggling and inflation is a problem but balance sheet addressing inflation are higher than they were at the beginning of the pandemic. spending in investment continues. we have a buffer for the fed to raise interest rates. the white house has been arguing that even though two