The Daily Money: Inflation is still bad, just not as bad

Inflation is calming down a bit, October's CPI report shows. But it remains well above where the Fed wants it to be ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

The Daily Money ALL THE MONEY NEWS YOU NEED TO KNOW   Thursday, November 10 Friday is sooo close (yet so far). It has been a long week, especially for our incredible politics team that's been tirelessly reporting on the latest election news. And now for our top money stories...  Thanksgiving is just around the corner, better make sure to set aside a seat at your table for inflation. The September inflation report listed four dozen items with "largest ever" annual increases since the Bureau of Labor Statistics started tracking them. Most of the items are indexed to the early '80s; some go back further.  Most important for grocery shoppers: Twenty of those largest-ever increases were foods or food categories. Looking at that same basket in October, all but one had a double-digit increase from last year and eight had new "largest ever" increases in October. Inflation is still bad, just not as bad Say you have a faucet that's been leaking for a week and none of the fixes you've tried are working. But you notice all of a sudden that the leak, while still going strong, has improved ever so slightly.  No doubt improvement is good but it's not as good as having things back the way they were. That's pretty much what happened with inflation last month. Annual inflation is up 7.7% versus 8.2% in September. Again, an improvement but not as good as having a pre-pandemic level of inflation of around 2%. What does last month's data mean for the Fed?  It could lead the central bank to only raise rates by a half percentage point next month, ending its 0.75-point hiking streak at four. But remember, just because rate increases will come at a slower pace, they are going to go even higher than previously expected. 📰 More stories you shouldn't miss 📰 'Right tool at the right time': Home equity line of credit and home equity loans Having fridge problems?: Safety complaints surge, with most aimed at Samsung Social Security: Why you may have to claim it early, even if you don't want to About The Daily Money Each weekday, The Daily Money delivers the best consumer news from USA TODAY. We break down financial news and provide the TLDR version: how decisions by the Federal Reserve, government and companies impact you. Elisabeth Buchwald is a personal finance and markets correspondent for USA TODAY. You can follow her on Twitter @BuchElisabeth and sign up for our Daily Money newsletter here October inflation slows to 7.7%, CPI report shows While inflation eased food, energy and rent remain expensive. Overall CPI inflation was 7.7% in October. Musk has lost more than $160 billion as Tesla stock plunges S&P 500, Dow, Nasdaq up on hope inflation dip means smaller rate hikes Adidas to sell Kanye West's shoe designs without Yeezy name Historically, stocks rise when midterm election splits government Salesforce, Redfin cut jobs amid broader tech layoffs What it's like to work from a transatlantic cruise President of Gannett Media leaving after 26 years with media company Home designed by world-renowned MI architect for sale by NBA player Veterans and active duty service members are being targeted by scams   Problem viewing email? View in browser Unsubscribe • Manage Newsletters • Terms of Service • Privacy Policy/Your California Privacy Rights • Privacy Notice • Do Not Sell My Info/Cookie Policy • Feedback © 2022 USA TODAY, a division of Gannett Satellite Information Network, LLC. 7950 Jones Branch Drive, McLean, VA 22102