URGENT: US CPI-U up 0.2% in Oct

The US Consumer Price Index for All Urban Consumers (CPI-U) increased by 0.2 per cent in October, the same rate observed in each of the previous three months, according to the US Bureau of Labour Statistics. Annually, the index rose 2.6 per cent, indicating continued inflationary pressures.

The shelter index was the primary contributor to the monthly increase, rising by 0.4 per cent and accounting for more than half of the overall monthly CPI increase.

Food prices also saw moderate growth, with the food at home index rising 0.1 per cent and the food away from home index increasing by 0.2 per cent. Conversely, the energy index remained unchanged after a 1.9 per cent decline in September.

The energy index held steady in October, after declining in September. However, it dropped 4.9 per cent over the past 12 months, driven by a 12.2 per cent decrease in gasoline prices.

The CPI excluding food and energy rose 0.3 per cent in October, matching the increases seen in August and September. Major contributors to this rise included shelter, used cars and trucks, airline fares, and medical care.

Annual Inflation Overview

Over the past year, the all-items index increased by 2.6 per cent, up from 2.4 per cent for the 12 months ending September. Shelter prices have risen sharply, increasing by 4.9 per cent over the year and contributing to over 65 per cent of the overall inflation in the category of all items less food and energy.

Attribution: CONSUMER PRICE INDEX – OCTOBER 2024

Subediting: Y.Yasser