Inflation fell to 3.2% in October in positive sign for economy

Inflation dropped half a percentage point to 3.2% for the year ending in October, thanks in large part to falling gas prices, a welcome development as the Federal Reserve works to contain price increases.

The data reported on Tuesday by the Bureau of Labor Statistics in an update to the consumer price index are good news for President Joe Biden. Biden has been trying to reassure voters that inflation is getting under control, even as he is plagued by low economic approval ratings.

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