October inflation expected steady, first report since midterms

ABC News reported that a government inflation report scheduled for Tuesday will provide the first nationwide snapshot of prices since the midterm elections, where rising costs influenced voter sentiment.

Inflation is expected to have held steady in October, according to economists, although the report will lack a year-over-year comparison due to the absence of data from last October amid a government shutdown.

Prices increased 3.7% over the year ending in September, above the Federal Reserve's 2% target rate, with fuel prices contributing significantly to recent inflation.

Gas prices rose more than 9% in September from August, accounting for over half of the monthly price increase, but a recent cooldown in oil prices has since lowered the national average gas price below $4 per gallon, according to GasBuddy data.

The report's timing comes as Federal Reserve policymakers consider a rate increase to address inflation, balancing the risk of slowing economic growth.