The annual rate of inflation fell in October to 3.2 percent.

But figures released Wednesday by the US Bureau of Labor Statistics revealed that on a monthly basis, between September and October, prices held steady.

The latest data is an indication that inflation is cooling after a monthly increase of 0.4 percent in September, and a promising sign for the Federal Reserve which has been trying to control inflation with historic interest rate hikes. 

The cost of shelter continued to rise in October, offsetting a decline in the gasoline index.

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Gasoline was down 5.0 percent in October, bringing the overall cost of energy down 2.5 percent.  

Gasoline was down 5.0 percent in October, according to figures released Wednesday by the US Bureau of Labor Statistics

Shoppers carry bags in San Francisco, California 

This is a breaking news story. Updates to come.