The Consumer Price Index (CPI) for October rose 0.1% on a seasonally adjusted basis, according to information released today by the Bureau of Labor Statistics. Including October's increase, the CPI has risen 2.2% over the past 12 months, led by a rise in electricity, fuel oil, and shelter costs.
From September to October, fuel oil and electricity costs rose 1.1% and 0.5%, respectively, while gasoline declined 0.6%. The decline in October gasoline prices was a relief for consumers, as it followed a dramatic 16.6% increase from July to September.
The shelter index, which measures the average costs of rents in the U.S., rose 0.3%, its largest increase since March of 2008. The costs for apparel increased 0.7% while airline fares rose 2.4% in October. The average cost for used cars and trucks declined 0.9%.
The food index rose 0.2% in October, with the costs of food-at-home spiking 0.3%, the highest monthly increase since September of 2011. October's increase in food costs were expected, as consumers begin to feel the impact of the Midwest's worst drought in 25 years.
The article Consumer Price Index Increases 0.1% originally appeared on Fool.com.
Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.