Consumer prices report shows inflation slowed

WASHINGTON — Inflation in the United States slowed last month in a sign that the Federal Reserve's interest rate hikes are continuing to cool the consumer price spikes that bedeviled consumers for the past two years.

Tuesday's report from the Labor Department showed prices either fell or rose more slowly across a broad range of goods and services, including gas, new and used cars, hotel rooms and housing. Overall inflation was unchanged from September to October, down from the 0.4% jump the previous month.

Compared with 12 months ago, consumer prices rose 3.2% in October, down from the 3.7% rise in September and the smallest yearover-year increase since June.

Excluding volatile food and energy prices, so-called core prices rose just 0.2% from September to October, slightly below the pace of the previous two months. Year over year, core prices rose 4% in October, down from 4.1% in September, the smallest rise in two years.