Inflation cooled in October.
For October, consumer prices were up 0.4%, which was less than the expected print of 0.6%. Year over year, CPI was up 7.7%, which was also better than the expected 7.9%. Excluding volatile food and energy costs, so-called core CPI increased 0.3% for the month and 6.3% on an annual basis, compared to respective estimates of 0.5% and 6.5%.
Let’s just hope inflation cools off from here on out. If it does, we could see a resurgence in consumer spending, which would be great for the 2022 holiday shopping season. It may even be enough to pull stocks like Amazon (AMZN) out of the doldrums.
On the latest inflation news, AMZN was up about 12%, or $10.21 a share. Volume also spiked to 147.9 million on the day, as compared to daily average volume of 65.19 million. From a current price of $96.29, we’d like to see the stock refill its bearish gap around $110.