US consumer prices cooled in October but remained at decades-high levels, according to government data released Thursday, keeping the pressure on President Joe Biden as his Democratic party struggles to retain control of Congress.
The closely-watched report showed more evidence of rising costs, including a rebound in gasoline prices, in a year when surging inflation was at the top of voter concerns, and as Americans headed to the polls in this week's midterm elections.
But there were positive signs in the closely-watched consumer price index (CPI), which showed annual inflation slowed to 7.7 percent in October, even while underscoring the heightened cost of living that has squeezed many households, the Labor Department reported.
That was the lowest annual increase since January, fueling hopes that soaring costs will start to pull back and causing Wall Street stocks to rally.
Biden welcomed the data, saying it showed "a much-needed break in inflation at the grocery store as we head into the holidays."
But he cautioned in a statement that it will "take time to get inflation back to normal levels," with potential setbacks along the way, and vowed to keep helping households with living costs.
While the annual inflation rate was down from a harsh 9.1 percent in June -- the highest in 40 years -- latest numbers are unlikely to bring quick reprieve from the Federal Reserve's aggressive moves to cool the economy.
