inflation

Consumer prices last month were 3.2% higher than the month before — a smaller annual increase than the previous month. A sharp drop in gas prices in October helped to offset rising rents.

Social Security beneficiaries will receive a 3.2% cost of living adjustment next year. Inflation has been moderating recently, with consumer prices in September up 3.7% from a year ago.

U.S. employers added about twice as many jobs in September as forecasters expected. That's good for people looking for work, but the strong report could complicate the Fed's effort to curb inflation.

The Federal Reserve left interest rates unchanged Wednesday, despite stubborn inflation, although it left the door open to an additional rate hike in November or December.

Federal Reserve Chair Jerome Powell said interest rates could stay elevated for an extended period to bring inflation to the central bank's 2% target.

The average cost of a 30-year fixed-rate mortgage jumped to 7.09% this week, the highest in over two decades. Rising interest rates have put homes out of reach for many would-be buyers.