Stocks rallied on Thursday after a better-than-expected report on inflation showed that the galloping price increases that consumers have had to endure all year are beginning to slow.
People shop for bread at a supermarket in Monterey Park, California on October 19, 2022. Grocery prices were up 12.4% last month from a year earlier, a government report showed.FREDERIC J. BROWN/AFP via Getty Images
People shop for bread at a supermarket in Monterey Park, California on October 19, 2022. Grocery prices were up 12.4% last month from a year earlier, a government report showed.Stocks rallied Thursday after a better-than-expected report on inflation showed that the galloping price increases that consumers have had to endure all year are beginning to slow.
, according to the Labor Department. That's a slower pace of inflation than September's 8.2% rate. It's also the smallest year-on-year increase in prices since January. And the price hikes between September and October were significantly smaller than forecasters had expected.Excluding volatile food and energy costs, annual inflation was 6.3% in October — down from 6.6% the month before.
Investors cheered the news, with the Dow Jones Industrial Average rising more than 800 points or 2.5% in the first hour of trading.Housing costs accounted for nearly half the monthly price increase, but rents showed their smallest increase in five months. Food costs rose at the slowest pace in 10 months. Gasoline prices rose 4% in October, but remain well below their peak price in early summer.
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