Consumer Prices Softened in October Amid Decline in Gasoline Prices

November 16, 2011 01:46 AM

According to the U.S. Department of Labor the Consumer Price Index (CPI) -- a measure of inflation -- decreased 0.1% in October on a seasonally adjusted basis. Over the last 12 months, the all-items index has increased 3.5% before seasonal adjustment, compared to 3.9% last month.

According to the release, food prices posted its smallest increase of the year, but the downturn in the energy index was more than offsetting. "The energy index turned down in October after increasing in each of the three previous months as the gasoline and household energy indexes declined after a series of seasonally adjusted increases," states the report. "The food index rose in October, but posted its smallest increase of the year as the fruits and vegetables index declined sharply."

The index for all items less food and energy increased 0.1% in October -- the same increase as last month and matches its smallest increase of the year. "While the shelter and medical care indexes accelerated in October and the apparel index turned up, the indexes for new vehicles, used cars and trucks, airline fare, and recreation all declined," it notes.

The all items index has risen 3.5% over the last 12 months, a lower figure than last month's 3.9% increase, as the 12-month change in the energy index fell from 19.3% to 14.2%. In contrast, the 12-month change for all items less food and energy edged up from 2.0% to 2.1%. The food index 12-month change was 4.7%, the same figure as in September.


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