The October Consumer Price Index rose 0.2%
of ConsumerAffairs
If not for the high cost of rent and home expenses, inflation might be a lot less. The Labor Department reports the Consumer Price Index (CPI) rose 0.2% in October, the same increase over the last three months. Over the last 12 months, the CPI is up 2.6%.
Looking at a breakdown of the data, the cost of shelter rent and owners equivalent of rent rose another 0.4% and accounted for over half of Octobers increase, according to the Bureau of Labor Statistics.
Food prices also continued to move higher last month. The cost of food consumed at home, which tracks grocery prices, rose 0.1% and is up 1.1% on the year. Food consumed away from home mostly a measure of restaurant prices gained 0.2% and is up 3.8% over the last 12 months.
At the supermarket, the price of dairy and related products shot up 1% and is up 1.3% on the year. The cost of fruits and vegetables rose 0.4% in October and is up 0.9% year-over-year.
At the same time, meat, poultry, fish and eggs provided some relief last month, with that index falling 1.2%, but is still up 1.9% over the last 12 months.
Relief at the pump
The price of gasoline also continued to provide some relief, with the gasoline index down 0.9% in October and is 12.2% lower compared to October 2023. Consumers who heat with fuel oil also are seeing savings, with the cost of fuel oil down 4.6% as cold weather approaches in much of the country.
Car repair and maintenance costs went up another 1.1% in October, on the heels of a 1% increase in September. But the cost of auto insurance actually went down last month, falling 0.1%. However, the auto insurance index is up 14% over the last 12 months.
The used cars and trucks index rose 2.7% in October, after rising 0.3% in the previous month.
The index for airline fares rose 3.2% over the month and the index for recreation increased 0.4%. Other indexes that increased in October include personal care and education.
Photo Credit: Consumer Affairs News Department Images
Posted: 2024-11-13 14:10:12
