US inflation cools to 3.2% as fuel prices drop and rise in housing costs slows

Consumer price rises were down from 3.7% in September continuing a downward trend from high of 9.1% in June 2022

The rate of US consumer price rises cooled in October amid lower gasoline prices and slowing increases in housing costs.

The annual rate of inflation measured by the Consumer Price Index (CPI) - which tracks the cost of a basket of goods and services - slowed to 3.2% last month, lower than the 3.7% reading in September and the coolest rate since July.