The Daily Money: Inflation slowed in October; Amazon Buy with Prime expands shopping
Good morning. Betty Lin-Fisher here with today's top headlines.
The monthly consumer price index - a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services - was released this morning.
Inflation eased more than expected in October as falling gasoline and used car prices offset another rise in rent and an uptick in health insurance costs.
Consumer prices overall rose 3.2% from a year earlier, down from 3.7% in September, according to the Labor Department’s report. That drew inflation closer to the more than two-year low it reached in June and July, before a rise in gasoline prices. On a monthly basis, price increases were unchanged following a 0.4% uptick the previous month.
Gasoline prices dropped 5% in October and grocery prices increased 0.3%.
Amazon Buy with Prime expands shopper benefits
Amazon's Buy with Prime program, which partners with third-party retailers, is expanding its benefits in time for the holiday shopping season.
The program allows shoppers to buy directly from a non-Amazon retailer's website but to utilize the shopper's Amazon Prime account to get free one-to-two day shipping, free returns and a linked payment to Amazon.
There are benefits for consumers, like being able to buy from a "trusted" retailer, but it remains to be seen if the partnership will reduce competition said Douglas Bowman, a marketing professor at the Goizueta Business School at Emory University in Georgia.
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About The Daily Money
Each weekday, The Daily Money delivers the best consumer news from Paste BN. We break down financial news and provide the TLDR version: how decisions by the Federal Reserve, government and companies impact you.