CPI Inches Up 0.2% in October (11.13.2024)

Consumer prices saw moderate gains in October, with shelter costs driving the overall increase while energy prices remained stable.

The Consumer Price Index for All Urban Consumers (CPI-U) rose by 0.2% on a seasonally adjusted basis in October, mirroring the increase seen over the previous three months, as reported by the U.S. Bureau of Labor Statistics. Over the past year, the CPI-U increased by 2.6% before seasonal adjustments.

A primary contributor to the monthly rise was a 0.4% increase in the shelter index, accounting for more than half of the overall monthly gain. The food index also rose by 0.2%, with prices for food at home up by 0.1% and food away from home rising by 0.2%. The energy index remained stable in October after a 1.9% drop in September.

Excluding food and energy, the index for all other items grew by 0.3% in October, consistent with increases in August and September. Significant gains were noted in shelter, used cars and trucks, airline fares, medical care, and recreation, while declines were observed in apparel, communication, and household furnishings and operations.

For the 12 months ending in October, the All Items Index rose 2.6%, up from a 2.4% increase in September. The index for all items less food and energy grew by 3.3% year-over-year. In contrast, the energy index declined by 4.9%, while food prices rose by 2.1%.

Source: U.S. BUREAU OF LABOUR STATISTICS