News Summary: US consumer inflation mild

News Summary: US consumer inflation mild, higher rents and food costs offset cheaper gas

Associated Press

LITTLE CHANGE IN PRICES: The consumer price index rose a seasonally adjusted 0.1 percent in October. Higher rents and food prices offset falling gas and energy prices.

RENTS RISE: Excluding volatile food and gas, prices increased 0.2 percent. The cost of shelter, which includes rents, rose 0.3 percent, the most in more than four years.

OVERALL INFLATION MILD: Consumer prices have risen 2.2 percent in the past 12 months, just above the Fed's inflation target. Mild inflation leaves consumers with more money to spend, which can boost economic growth. It also gives the Federal Reserve more room to pursue stimulus.

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