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BLS: CPI increased 0.4% in October; Core CPI increased 0.3%

by Calculated Risk on 11/10/2022 08:32:00 AM

From the BLS:

The Consumer Price Index for All Urban Consumers (CPI-U) rose 0.4 percent in October on a
seasonally adjusted basis, the same increase as in September, the U.S. Bureau of Labor Statistics
reported today. Over the last 12 months, the all items index increased 7.7 percent before seasonal
adjustment.

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 percent over the month as the
gasoline index and the electricity index rose, but the natural gas index decreased. The food index
increased 0.6 percent over the month with the food at home index rising 0.4 percent.

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

The all items index increased 7.7 percent for the 12 months ending October, this was the smallest
12-month increase since the period ending January 2022. The all items less food and energy index
rose 6.3 percent over the last 12 months. The energy index increased 17.6 percent for the 12 months
ending October, and the food index increased 10.9 percent over the last year; all of these
increases were smaller than for the period ending September.

emphasis added

Both CPI and core CPI were below expectations. I’ll post a graph later today after the Cleveland Fed releases the median and trimmed-mean CPI.

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