Prices rise slower than expected, but there's still a 'long way to go' in taming inflation, financial expert says
Publishing timestamp: 2023-11-14 08:58:43
Summary
The article discusses the slowdown in price growth and inflation in the United States. While inflation dropped from 3.7% to 3.2% in October, the dip is largely due to a momentary downturn in gas prices. Core inflation, which excludes volatile food and energy prices, also dropped lower than expected. The article mentions that core inflation will need to consistently weaken over the next few months to support the notion that it is headed for a sustainable 2% pace. The article also discusses expectations for inflation to eventually subside next year, with overall inflation dropping to 2% by July 2024. Additionally, it mentions that many analysts believe the central bank is done with interest rate hikes for the rest of the year.
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Keywords: prices, pnc financial services group inc,
Source: https://www.cnbc.com/2023/11/14/long-way-to-go-before-inflation-is-under-control-expert-says.html