Inflation cooled off in October

• Inflation cooled off in October based on new year-over-year data out Tuesday. 
• The Consumer Price Index increased 3.2% year over year in October, less than the year-over-year increase of 3.7% in September.
• Core CPI rose 4.0% over the 12 months ending October.

Inflation cooled but is still above the Fed's 2% target per the year-over-year change in the Consumer Price Index, or CPI, for October.

The Consumer Price Index increased 3.2% year over year in October, according to Bureau of Labor Statistics data released Tuesday.