Consumer Prices Rebound in October


The Bureau of Labor Statistics (BLS) reported that the Consumer Price Index (CPI) rose by 0.4% in October on a seasonally adjusted basis, after being unchanged in September. It was the largest monthly increase in the CPI since March 2019. Excluding the volatile food and energy components, the “core” CPI increased by 0.2% in October, following a 0.1% increase in September.

Over the past twelve months, on a not seasonally adjusted basis, the CPI rose by 1.8% in October, after increasing 1.7% in September. Meanwhile, the “core” CPI increased by 2.3% over the past twelve months, after a 2.4% increase in September.

The price index for a broad set of energy sources rose by 2.7% in October, after a 1.4% decrease in September. The gasoline index increased by 3.7% in October. The increase in the gasoline index largely accounted for the October increase in energy prices. Meanwhile, the food index increased by 0.2% in October after a 0.1% increase in September. Over the month of October, the indexes for recreation (+0.7%), medical care commodities (+1.2%), used cars and trucks (+1.3%), and shelter (+0.1%) all increased, while the index for apparel (-1.8%), new vehicles (-0.2%) and airline fares (-0.4%) declined.

Over the past twelve months, the food index rose by 2.1% while the energy index declined by 4.2%.

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