Price increases at 3.5% instead of 3.7% year over year. This level remains outside of most people's experience since the late 1990s.
The broad measure fell to 3.0% from 3.4%. The energy goods and services component yoy has been negative, that is deflationary, for eight months in a row. The food component was up 2.0% year over year in October but is now in its tenth month of declines out of twelve on a year over year measure monthly.
Declining energy input costs have been the story behind declining inflation measures overall, primarily natural gas which is twice as important to the U.S. economy as gasoline on a BTU basis.
The Biden administration's green energy policy is at war with the reason for the happy circumstance of declining inflation measures it finds itself in, and Biden could be sailing to re-election if he were instead supporting fossil fuel production, which would slay the inflation dragon dead.
