The Consumer Price Index for All Urban Consumers (CPI-U) rose 0.2% in October, based on seasonally adjusted rates. This increase was similar to the increase recorded in the previous three months, according to the report issued by the US Bureau of Labor Statistics. The data showed that the index for all items rose 2.6% on an annual basis, before seasonal adjustment.
In October, the shelter index rose 0.4%, accounting for more than half of the monthly increase in all items. This increase was driven by an increase in the cost of rents and home prices. The food index also rose 0.2% during the month, reflecting an increase in food prices in stores, which recorded a 0.1% increase. In contrast, food prices outside the home rose 0.2%, indicating continued inflationary pressures in the food services sector.
Despite these increases in goods and services prices, the energy index remained unchanged during the month, after falling 1.9% in September. This reflects the relative stability of fuel and energy prices.
It is worth noting that the rise in the Consumer Price Index reflects the continued pressure on the purchasing power of American families, as some groups face significant increases in the cost of living. On the other hand, some analyses indicate that this increase is not surprising, and is considered part of the general trend of inflation stabilizing at relatively moderate levels. Data coming from the Bureau of Labor Statistics provides a deeper understanding of economic trends in the United States, which helps in making informed economic and investment decisions.
All Goods Excluding Food and Energy Index
The All Goods Excluding Food and Energy Index rose by 0.3% in October, the same increase recorded in August and September. Among the increases recorded, the shelter index rose by 0.4% in October
All Items Excluding Food and Energy Index rose
The All Items Index excluding food and energy rose 0.3% in October, the same increase as in August and September. Among the indexes that recorded increases in October were shelter, used cars and trucks, airline tickets, medical care, and entertainment. In contrast, the indexes that saw decreases included clothing, communications, household furnishings, and operations-related services.
Over the 12 months ending in October, the All Items Index rose 2.6%, up from 2.4% in the 12 months ending in September. The All Items Index excluding food and energy also rose 3.3% over the past year. In contrast, the Energy Index declined 4.9% over the 12 months ending in October, while the Food Index rose 2.1%.
This increase in the All Items Index shows that inflationary pressures continue in some key sectors, despite the stability of the Energy Index. This suggests that consumers’ purchasing power may be affected in several areas, which could impact consumers’ spending decisions and financial planning in the coming months. The food price index rose 0.2% in October, after rising 0.4% in September. House prices also rose 0.1% during the month. Five of the six major food group indices for grocery stores saw increases in October. In particular, the cereals and bakery products index rose 1.0%, with the bread index recording a notable increase. The dairy and related products price index rose 1.9% in October, reflecting a significant increase in the cost of dairy products.
On the other hand, the fruit and vegetable index rose 0.4% during the month, while the non-alcoholic beverages index increased 0.1%. The other food prices at home index also rose 0.1% in October. In contrast, the meat, poultry and fish price index saw a decline, with egg prices falling 1.2%, and the egg index recording a notable 6.4% decline during the month.
The energy index was unchanged in October
The food away from home index rose 0.2% in October, after increasing by 0.3% in August and September. The full-service meals index also rose by 0.2%, while the limited-service meals index also increased in October.
The food at home index rose by 1.1% over the past 12 months, reflecting an increase in the prices of basic food items. Prices of meat, poultry, fish and eggs rose, while prices of non-alcoholic beverages rose by 1.9% over the same period. The fruit and vegetable index increased by 0.9%, while the dairy and related products index rose by the same amount. The grains and bakery products index rose by 0.9% over the year. On the other hand, the basic food price index rose by 1.3%, while the other food at home index increased slightly by 0.4%.
As for food away from home, its index rose by 3.8% over the past year. The limited-service meals index posted a similar increase of 3.8%, while the full-service meals index rose 3.7% over the same period.
Energy Index
The energy index was unchanged in October, after falling 1.9% in September. Gasoline prices fell 0.9% over the month, while seasonally adjusted prices were down 1.9% in October. In contrast, the electricity index rose 1.2% over the month, while the natural gas index increased 0.3%.
The energy index has fallen 4.9% over the past 12 months. The gasoline index also posted a notable decline of 12.2% over the same period. The fuel oil index also saw a significant decline of 20.8%. In contrast, electricity prices have risen 4.5% over the past 12 months, while the natural gas index increased 2.0%.
