The cost of living in the US rose more than expected in October, as Americans paid more for fuel, food and new cars, the government reported Wednesday.
Consumer prices rose 0.3% in October after a 0.2% increase in September, according to the latest Consumer Price Index (CPI) data released by the Labor Department. The increase is 0.1% higher than many economists had forecasted. The good news for consumers is that prices are down 0.2% from a year earlier.
"I don’t see anything in the report that suggests there’s any real inflation flare-up," Joseph LaVorgna, chief U.S. economist at Deutsche Bank Securities Inc. in New York, said on Bloomberg. "The Fed is comfortably on hold."
In October, energy prices climbed 1.5% while food prices advanced 0.1%. Prices for new cars rose 1.6%, the biggest increase in 28 years.
The US Inflation Calculator is updated with the latest government information, as are the following inflation rate and data pages:
- Historic (1913-2009) CPI Data
- US Inflation Rates
- Historical US Inflation Rates
- Annual Averages for Rate of Inflation
For more detailed information on October prices, read Consumer Prices Rise 0.3% in October.