WASHINGTON—Consumer prices in October rose 2.6% from a year earlier, up from 2.4% in September, the Bureau of Labor Statistics reported.
The index for shelter rose 0.4%, accounting for over half of the monthly all items increase. The food index also increased over the month, rising 0.2% as the food at home index increased 0.1% and the food away from home index rose 0.2%. The energy index was unchanged over the month, after declining 1.9% in September. The index for all items less food and energy rose 0.3% in October, as it did in August and September. Indexes that increased in October include shelter, used cars and trucks, airline fares, medical care, and recreation. The indexes for apparel, communication, and household furnishings and operations were among those that decreased over the month, the Labor Department said.
"Both headline and core consumer price indices rose in October, aligning with expectations, although the topline figure showed a slight year-over-year increase,” said America's Credit Unions Senior Economist Dawit Kebede. “Overall prices increased by 0.2% for the fourth consecutive month, translating to an annualized increase of about 2.4%. While shelter and used car prices accelerated compared to the prior month, the pace of increase for transportation and medical services slowed down. The monthly rise for core prices—excluding food and energy—was driven by services, as commodity prices remained flat in October."