Economic Trends

Inflation Eases in October but Remains High

Last month, the Consumer Price Index was up 7.7% from October 2021, according to data from the Bureau of Labor Statistics.

November 11, 2022

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Inflation

U.S. inflation slowed in October, but prices remained 7.7% above the same month in 2021, according to data released Nov. 10 by the Department of Labor.

The dip followed higher prices in September, when the Consumer Price Index was 8.1% above the previous year.

In October, the index for shelter contributed more than half of the monthly “all-items increase,” with the indexes for gasoline and food also increasing, the department said. The energy index increased 1.8% over the month, as the gasoline index and the electricity index rose. The natural gas index decreased, and the food index increased 0.6% over the month with the food-at-home index rising 0.4%.

Last month, prices rose at their slowest pace since January, and the core Consumer Price Index — which excludes volatile prices such as energy and food — rose 6.3% in October. In September, the core Consumer Price Index was up 6.6%, its biggest increase in 40 years, according to the data.

Mark Powell

Mark Powell is MDM's Associate Editor. He is a former mainstream news reporter and editor and has worked in the online, print, radio and TV news industries. Mark earned a bachelor's degree from San Jose State University and a master's degree from California State University, Bakersfield. He has lived and worked in various cities across California, Colorado and Kansas and currently lives in Shafter, California.

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