If you voted Republican on Tuesday because you thought inflation was raging out of control, you should know that the latest Consumer Price Index (CPI) figures, released Thursday morning, show that in October inflation rose by the smallest 12-month increment since January 2022. Prices were up 7.7 percent compared to October 2021, down from the September figure of 8.2 percent. Even the dread “core” inflation rate, which disregards volatile gas and food prices, fell a little bit, to 6.3 percent, from 6.6 percent.“This is a very encouraging inflation report,” tweeted University of Michigan economist Justin Wolfers. “There’s a good chance that inflation has peaked, and is now turning down.”Actual
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