Consumer price index growth in the US was recorded at 0.4 percent in October, surpassing expectations, owing to increased expenses on food and housing amid lower gasoline prices to $3.98 per gallon. Lower gas prices resulted from diminished worries about prolonged problems with Strait of Hormuz supplies due to the statement made by President Donald Trump that “Iran militarily is effectively over” and therefore no military confrontation is to be expected in the future. However, living cost worries greatly affected the outcome of midterm elections in the US on November 3. Republicans lost majorly and handed control of the House and Senate to Democrats.
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