November 13, 2024
The U.S. Bureau of Labor Statistics announced that the Consumer Price Index for All Urban Consumers (CPI-U) rose by 0.2% on a seasonally adjusted basis in October, the same increase as in each of the previous three months. Over the past 12 months, the all items index surged by 2.6% before seasonal adjustment.
In October, the shelter index rose by 0.4%, contributing to over half of the rise in the all-items index. The food index increased by 0.2%, with the food at home index rising by 0.1% and the food away from home index increasing by 0.2%. The energy index remained unchanged after a 1.9% decline in September.
Excluding food and energy, the CPI-U for all other items climbed by 0.3% in October, consistent with the increases in August and September. Notable contributors included shelter, used cars and trucks, airline fares, medical care, and recreation, while the indexes for apparel, communication, and household furnishings and operations decreased.
Over the 12 months ending in October, the all-items index rose by 2.6%, up from a 2.4% increase over the 12 months ending in September. The index for all items less food and energy increased by 3.3%, while the energy index dropped by 4.9%, and the food index rose by 2.1%.
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