From a year prior, the CPI was 1.1% higher, tying its recent low of 1.1% in September. The core CPI was up by just 0.7% from a year prior. This was just 0.1% above October’s year-over- year change, which was the smallest rise in the post WWII era. There currently remains a very low level of underlying inflation. This number further supports the Fed’s view that inflationary pressure is currently very mild if not outright deflationary.
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