Consumer Price Index Unchanged in October; All-Items Index Up 3.2% Year-Over-Year

The US Bureau of Labor Statistics on Tuesday (11-14-23) reported that the Consumer Price Index for All Urban Consumers (CPI-U) was unchanged in October, on a seasonally adjusted basis, after increasing 0.4% in September and 0.6% in August. Over the past 12 months, the all-items index has increased 3.2% before seasonal adjustment.

The index for shelter continued to rise in October, offsetting a decline in the gasoline index and resulting in the seasonally adjusted index being unchanged over the month of October. The energy index declined 2.5% as a 5.0% decline in the gasoline index more than offset increases in other energy component indexes. The food index increased 0.3% after rising 0.2% in September. The index for food at home increased 0.3% over the month, while the index for food away from home climbed 0.4% higher.

The index for all items less food and energy increased 0.2% in October, after rising 0.3% in September (the same increase as in August). Other indexes that increased in October included rent, owner’s equivalent rent, motor vehicle insurance, medical care, recreation, and personal care. The indexes for lodging away from home, used cars and trucks, communication, and airline fares were among those that decreased over the month.

The all-items index increased 3.2% for the 12 months ending in October, a smaller increase than the 3.7% increase posted for the 12 months ending in September. The all items less food and energy index rose 4.0% over the last 12 months, its smallest 12-month change since the period ending in September 2021. The energy index decreased 4.5% year-over-year, while the food index increased 3.3% year-over-year.