October Inflation Unchanged from September, Up from 12 Months Earlier

Craig Bannister | November 14, 2023
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Seasonally-adjusted inflation in October was unchanged from September, the U.S Bureau of Labor Statistics (BLS) reported on Tuesday. Over the last 12 months, the Consumer Price Index (CPI) for all items is up 3.2%, before seasonal adjustment.

A 0.3% increase in the cost of shelter offset a 5.0% decline in the cost of gasoline, compared to September. The cost of other energy products rose, holding the overall energy index decline to 2.5% over the month.

The food index increased 0.3% in October, up from September’s 0.2% month-to-month rise.

The so-called “core” CPI index (excluding food and energy) rose 0.2% in October, following the previous month’s 0.3% increase. Indexes that increased in October include:

  • Rent: up 0.3%
  • Owners' equivalent rent, up 0.4%
  • Motor vehicle insurance, up 1.9%
  • Medical care, up 0.4%
  • Recreation, up 0.1%
  • Personal care, up 0.4%


Indexes that declined include:

  • Lodging away from home, down 2.5%
  • Used cars and trucks, down 0.8%
  • Communications, down 1.3%
  • Airline fares, down 0.9%


While the all items index rose 3.2% for the 12 months ending October, the core CPI index rose 4.0% over the same time.

October’s flat month-to-month CPI bested most analysts’ expectations and provides hope that the Federal Reserve will not raise interest rates.

CPI Month-to-Month Change
(Source: U.S. Bureau of Labor Statistics)