Ahead of Thanksgiving, consumer inflation eases, driven by lower gas prices, cars and airfares

DeJuan Hoggard Image
Wednesday, November 15, 2023
Consumer inflation eased in October, just in time for Thanksgiving
Consumer inflation eased in October, just in time for Thanksgiving

NORTH CAROLINA (WTVD) -- Tuesday, the US Bureau of Labor & Statistics released its inflation report.

The report details a modest ease of inflation for the month of October compared to previous months.

Items such as gas prices, communication, airline fares and used cars all saw decreases for the month. Even some, but not all, food grocery groups saw a decrease in inflationary pricing.

Certain items, such as meat, fish, poultry, and eggs, however, did not experience such relief.

The data we are seeing is encouraging," said National Economic Council deputy director Daniel Hornung. "The question on whether folks have enough breathing room...the President thinks we need to do more to lower costs for American families."

Hornung spoke to ABC11 and said President Biden wants to lower costs on prescription drugs, childcare, and higher education. However, disagreement on Capitol Hill with Republicans is keeping him from doing so. Biden is hopeful these savings will offset some of the challenges North Carolinians and Americans are facing.

"I think the President believes in an economy that grows from the bottom up and the middle out," Hornung said.

"(Groceries) are getting pretty high. Too high," said Raleigh resident Sharon Michaels. "But I'm lucky I'm on food stamps right now. They just keep going up every time you turn around. And it's just not good for the ones who don't have the money to buy their food and things with."


US employers pulled back on hiring in October