U.S. inflation cooled in October by more than forecast, offering hope that the fastest price increases in decades are ebbing and giving Federal Reserve officials room to slow down their steep interest rate hikes.

While prices on new and used vehicles remain 30% to 50% above where they were when the pandemic erupted, signs are pointing to many vehicles becoming slightly more affordable.

The U.S. economy grew at a 2.6% annual rate from July through September, snapping two straight quarters of contraction and overcoming high inflation and interest rates just as voting begins in midterm elections in which the economy’s health has emerged as a paramount issue.

U.S. business activity contracted in October for a fourth consecutive month as concerns about inflation and sluggish demand weighed on the outlook.

WASHINGTON — Inflation at the wholesale level rose 8.5% in September from a year earlier, the third straight decline though costs remain at painfully high levels.

Oil headed for the longest stretch of weekly losses this year as central banks around the world stepped up the fight against inflation at the cost of economic growth.

Intensifying its fight against high inflation, the Federal Reserve raised its key interest rate Sept. 21 by a substantial three-quarters of a point for a third straight time and signaled more large rate hikes to come.

WASHINGTON — Sharply lower prices for gas and cheaper used cars slowed U.S. inflation in August for a second straight month, though many other items rose in price, indicating that inflation remains a heavy burden for American households.

WASHINGTON — An inflation gauge that is closely tracked by the Federal Reserve jumped 6.8% in June from a year ago, the biggest increase in four decades, and leaving Americans with no relief from surging costs.

Citing inflation and supply chain bottlenecks, transportation stakeholders called on congressional policymakers to help remedy current economic conditions.