US wholesale price inflation slows in October

US wholesale prices continued to rise in October but at a slower pace than in the prior month, according to official data Tuesday which will add to rising hopes that inflation has peaked.

President Joe Biden cheered the news, which came on top of last week’s report showing a slowdown in consumer prices, adding traction to growing expectations the Federal Reserve will be able to dial back its aggressive increases in borrowing costs in the battle against inflation that hit a 40-year high.

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