Consumer Price Index Increases 0.4% in October; All-Item Index Up 7.7% Year-Over-Year

The US Bureau of Labor Statistics on Thursday (11-10-22) reported that the Consumer Price Index for All Urban Consumers (CPI-U) increased 0.4% in October on a seasonally adjusted basis—the exact same size increase as was reported in September. Over the past 12 months, the all-item index has increased 7.7% before seasonal adjustment.

According to the BLS, the index for shelter contributed over half of the monthly all-items increase, with the indexes for gasoline and food also increasing. The energy index increased 1.8% over the month as the gasoline index and the electricity index rose, but the natural gas index decreased. The food index increased 0.6% over the month, with the food at home index rising 0.4%.

The index for all-items less food and energy rose 0.3% in October, after rising 0.6% in September. The indexes for shelter, motor vehicle insurance, recreation, new vehicles, and personal care were among those that increased over the month. Indexes that declined in October included the used cars and trucks, medical care, apparel, and airline fares indexes.

The October increase was the smallest 12-month increase since the period ending in January 2022. The all-items less food and energy index for the 12-month period ending in October rose 6.3%. During the same time period, the energy index increased 17.6%, and the food index increased 10.9%. The BLS notes that all of these increases were smaller than for the period ending in September 2022.