The corporate media celebrated the past week with headlines such as "U.S. Inflation Slows More Than Forecast, Gives Fed Downshift Room" and "Price Pressures Show Signs of Cooling."
True, the Consumer Price Index (CPI) released by the government last Thursday showed a 7.7% year-over-year price increase from October 2021 to October 2022, edging down from a rate of 8.2% in September. The CPI has declined steadily from a 40-year high of 9.1% in June to 7.7% in September.
