The Consumer Price Index (CPI) for October rose 0.1% on a seasonally adjusted basis, according to information released today by the Bureau of Labor Statistics. Including October's increase, the CPI has risen 2.2% over the past 12 months, led by a rise in electricity, fuel oil, and shelter costs.
From September to October, fuel oil and electricity costs rose 1.1% and 0.5%, respectively, while gasoline declined 0.6%. The decline in October gasoline prices was a relief for consumers, as it followed a dramatic 16.6% increase from July to September.
The shelter index, which measures the average costs of rents in the U.S., rose 0.3%, its largest increase since March of 2008. The costs for apparel increased 0.7% while airline fares rose 2.4% in October. The average cost for used cars and trucks declined 0.9%.
The food index rose 0.2% in October, with the costs of food-at-home spiking 0.3%, the highest monthly increase since September of 2011. October's increase in food costs were expected, as consumers begin to feel the impact of the Midwest's worst drought in 25 years.
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