The Labor Department on Wednesday said that the consumer price index (CPI) – a broad measure of how much everyday goods like gasoline, groceries and rent cost – rose 0.2% in October from the prior month and was up 2.6% from a year ago.
So-called core prices, which exclude more volatile measurements of gasoline and food to better assess price growth trends, were up 0.3% on a monthly basis in October and 3.3% from a year ago – both of which were unchanged compared with last month’s readings.
Over half of the rise in CPI was caused by shelter prices, which rose 0.4% in October on a monthly basis, while food prices were up 0.2% and energy prices were unchanged. Core CPI’s rise was due in part to prices for used cars and trucks rising by 2.7% compared with September.
Food prices were up 0.2% on a monthly basis and 2.1% from a year ago, though food away from home was up 3.8% in that period.
Energy prices are down 4.9% compared to a year ago, with gasoline down 12.4%. However, electricity prices are up 4% while utility gas service is up 4.5%.
Shelter prices are also up 4.9% from last year, while the cost of transportation services increased 8.2% and medical care services by 3.8% in that period. Each of those rose 0.4% on a monthly basis.