Airfares fell by 6.4% in September compared with the previous month, while used vehicle prices declined by 0.7%.

The long-term view on inflation

Shambaugh says he doesn’t take a side as to whether price increases will subside or spiral out of control, given how much the inflation picture continues to evolve. Back in June, he saw merit in arguments that inflation was reaching worrying levels. “I thought, it might calm down, though,” he said. “I think it’s fair to say now it looks like it’s calmed down, but on the other hand, it could pick back up.”

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