The latest reading of the consumer price index (CPI) inflation rose slower than economists expected in October.
Excluding the volatile food and energy categories, core CPI rose 0.1% from the month before, less than the 0.2% expected by economists. Including those two categories, consumer good prices rose 0.4% in October, equal to expectations.
Once again, gasoline prices led the index higher according to the BLS. Gas accounted for half of the increase in non-core CPI. The energy index increased by 3.5% for the month, the highest increase since February 2013.
Of the sub-energy indexes, gasoline was up 7.0% from September and fuel oil was up 5.9%.
Compared to October 2015, core CPI rose 2.1%, also lower than the 2.2% economists’ projected.
Surprisingly, the index for medical care — which has been a substantial driver of inflation over the past year — was flat month-over-month and the medical care services ticked up only 0.1% from the month before. Both measures, however, were up significantly form the year before: logging gains of 5% and 4.1% respectively.
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