US petrol prices are down, but elevated inflation continues

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Consumer prices in the United States increased in October more than expected, even as petrol prices fell to a four-month low after some easing of concerns about the long-term impact of the closure of the Strait of Hormuz on global markets. In its latest report released on Tuesday, the US Department of Labor’s Bureau of Labor Statistics said the Consumer Price Index (CPI) for all items rose by 0.4 percent in October, continuing an inflationary trend since July. The average cost of shelter, as well as food, also rose in October, according to the agency. The Labor Department’s report was higher than the Federal Reserve Bank of Cleveland, which had forecast the CPI to increase by 0.