US inflation eases in October

Consumers across the US have been feeling the pinch of higher prices. However, the latest figures suggest that they are getting some relief.

The Department of Labor reported on Tuesday that the consumer price index, which tracks what people pay on average for goods and services, slowed to 3.2 percent in October. That was the first decline in four months.

The report points to a 5.3 percent decline in the price of gas from the year before and a 7.1 percent drop in the cost of used cars.

Housing costs, which are proving to be a stubborn contributor to inflation, increased 6.7 percent from last year.

The US Federal Reserve has raised interest rates repeatedly to discourage consumers and businesses from borrowing and spending. It is determined to get inflation down to its target of 2 percent.