DENVER (KDVR) — Inflation has stopped speeding up, as of Friday’s Consumer Price Index report from the U.S. Bureau of Labor Statistics. However, that doesn’t mean much for the average Coloradans’ wallet.
The CPI increased 7.7% in October from a year before. October’s index rose 0.4% from September, matching the inflation in that month. Inflation remains at multi-decade levels.
This is a welcome break from several months of steadily rising inflation. Some were predicting the inflation level would be worse. Annual inflation has been going down since June when it reached a peak of 9.1%.
Things aren’t getting cheaper, though. The break in annual inflation happened because it’s being compared to last October when the country was well into its current inflation slide.
Until the spring of 2021, the country had been seeing low inflation levels. The COVID pandemic had frozen economic activity in several critical areas.
Things turned hard when the frost thawed. Annual inflation reached a 10-year record in April 2021. Prices continued rising through 2021 and 2022. Nearly every month saw an increase in annual inflation, including last October.
In October 2021, consumer prices were already 6.2% more than the year before.
Prices had actually stalled prior to this October’s CPI report.
Prices had plateaued in the last few months. In June, the index reached 296, where it stayed until September. The index rose to 298 in October, ending the plateau.