Consumer Prices Rose 2.6% YOY in October

Washington, DC, November 13, 2024-The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.2% on a seasonally adjusted basis in October, the same increase as in each of the previous three months, the U.S. Bureau of Labor Statistics reported. Over the last 12 months, the all-items index increased 2.6% before seasonal adjustment.

The index for shelter rose 0.4% in October, 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 Labor Department on Wednesday reported that consumer prices in October rose 2.6% from a year earlier. That marks a pickup in the pace of inflation from September, when the consumer-price index was up 2.4% on the year," reports the Wall Street Journal.

"Core prices, which exclude food and energy items in an effort to better reflect inflation’s underlying trend, were up 3.3% from a year earlier.

"Both results matched the expectations of economists polled by The Wall Street Journal. The Dow Jones Industrial Average moved slightly higher in morning trading. The S&P 500 and the Nasdaq Composite were down slightly."