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Inflation slows to 7.7% for the last 12 months

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  • Staff Report 

Inflation rates appear to be slowing as new data shows that consumer inflation reached 7.7% in October for the previous year.

This year to year gain has been the smallest one since January.

Not taking food or energy into account, inflation rose by 6.3%.

Economists had originally predicted much higher numbers.

Despite the surprise, the Federal Reserve is still expected to raise interest rates to keep prices from going higher.

Economists warn that if the Federal Reserve continues to do what they are, they may cause a recession by 2023 according to My Twin Tiers.

The benchmark interest rate has already been increased six times at larger amounts. This could cause mortgage and loan rates to tip the economy into a recession.

The increases by the Federal Reserve have already caused major damage to the housing market in the United States. A 30 year fixed mortgage rate has reached 7% before starting to fall.

A lot of voters had inflation in mind when they went to the polls on Tuesday to cast their votes during the elections.

While there is still a worry about rising interest rates and a recession, the cost of used cars have declined.

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