According to official figures, the cost of living in the US increased at a slower than expected pace last month.
The US consumer price index increased in October from a year ago.
It's the smallest annual increase since the start of the year and down from the previous month.
The US central bank may change its approach to raising rates.
The benchmark S&P 500 index rose by more than 5% on Thursday in New York. The technology-laden Nasdaq soared at the same time as the rest of the world.
On Friday morning Hong Kong's Hang Seng index jumped by 5%, while the Kospi in South Korea was 2.5% higher.
Apple and Microsoft had the largest gains with 8% and 8%, respectively.
The US dollar has weakened against major currencies this year.
The Fed raised its key interest rate to a 14-year high.
The central bank's benchmark lending rate has gone up since January 2008.
The UK is facing its longest recession since records began after the Bank of England raised interest rates to 3% from 2%.
A recession is when a country's economy shrinks for two consecutive quarters.
People will spend less on big ticket items when interest rates are higher. Prices are expected to be curbed by a fall in demand.
Food and energy prices have gone up in part because of the Ukraine war which has left many households around the world facing hardship.
Some economists are worried that higher rates could cause a global economic downturn.
Why do things cost so much? Inflation questions are answered in 90 seconds.
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