of october, bringing annualised inflation down sharply to 3.2% % over the past 12 months. it has been 3.7% previously and that was down from a peak of 9.1% in the middle of last year. let s hear now from our north america business correspondent erin delmore. it is finally heading in the right direction. . , , direction. that s right. and this re ort is direction. that s right. and this report is being direction. that s right. and this report is being seen direction. that s right. and this report is being seen as - direction. that s right. and this report is being seen as good i direction. that s right. and this - report is being seen as good news. we saw stock futures jumped on the news and we have seen that momentum sustained into this morning. when we look at numbers like this, we look not only at the number but the direction the numbers are moving in. as you said, we see inflation at 3.2% year over year in the month of october, down from 3.7% in september. we have
a couple of hours. inflation was 3.7% in the year to september which is the same rate clocked for august. this month the us central bank held its key interest rate at its current 22 year high as it seeks to curb price rises. last week, the ratings agency moody s lowered the outlook for the nation s credit rating to negative from stable, citing those higher interest rates not backed up by policies to reduce spending. the us treasury secretary janet yellen has pushed back here she is speaking at the apec summit. this is a decision that i disagree with. the american economy is fundamentally strong and treasury securities remain the world s pre eminent safe and liquid asset. we have enjoyed over the past several years a historically fast economic recovery from a deep recession, our unemployment rate is near historic lows, inflation has come down significantly and our economy grew by almost 5% in the third quarter. economy grew by almost 596 in the third quarter- third qu