November 14, 2023
According to the U.S. Bureau of Labor Statistics’ report, the Consumer Price Index for All Urban Consumers (CPI-U) remained unchanged in October on a seasonally adjusted basis, following a 0.4 percent increase in September. Over the past 12 months, the all items index rose by 3.2 percent before seasonal adjustment, showcasing a slower increase compared to the previous period.
In October, the rise in the shelter index offset a decline in the gasoline index, resulting in the overall index being unchanged for the month. The energy index experienced a notable 2.5 percent decline, mainly due to a 5.0-percent drop in the gasoline index, despite increases in other energy component indexes. The food index increased by 0.3 percent in October, with food at home rising by 0.3 percent and food away from home increasing by 0.4 percent.
Excluding food and energy, the index for all items increased by 0.2 percent in October, slightly lower than the 0.3 percent rise in September. Among the categories that saw increases in October were rent, owners’ equivalent rent, motor vehicle insurance, medical care, recreation, and personal care. Conversely, indexes for lodging away from home, used cars and trucks, communication, and airline fares decreased during the month.
Over the 12 months ending in October, the overall all items index rose by 3.2 percent, showing a smaller increase compared to the 3.7 percent increase for the 12 months ending in September. Meanwhile, the all items index, excluding food and energy, increased by 4.0 percent over the last year, marking its smallest 12-month change since September 2021. The energy index decreased by 4.5 percent for the 12 months ending in October, while the food index increased by 3.3 percent over the same period.
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