The Bureau of Labor Statistics did not release the year-over-year number due to last year’s government shutdown.
By Catholics for Catholics
In the U.S., inflation persisted high last month, stressing the need for the Federal Reserve to lift interest rates again this year.
Prices rose overall 0.4 percent in October after a 0.6 percent jump in September, according to the latest Consumer Price Index report from the Bureau of Labor Statistics. “Core” prices, which strip out volatile food and energy items, rose 0.3 percent.
According to a story by the Epoch Times, on Tuesday the agency did not release year-over-year figures for October because it was incapable of collecting data during last year’s government shutdown. According to calculations by The New York Times, generally prices were around 4 percent higher compared with the same time last year, up from 3.7 percent in September. Over the same period, core prices rose about 2.8 percent.
Shelter costs accounted for more than 30 percent of the monthly increase.
Also climbing was the food index by 0.5 percent, with supermarket costs swelling 0.4 percent and food away from home surging 0.5 percent.
Still, in what may be a good sign for forthcoming inflation reports, energy costs sharply slowed last month.
Structural inflation could be picking up, said Oliver Rust, head of data at Truflation.
“Core goods inflation is strengthening, and the rate of growth is accelerating,” Rust told The Epoch Times in an emailed note.
“Elevated oil prices, tariffs and import costs are now filtering into core goods, whether through transportation, the logistics of moving goods, or manufacturing. It’s most evident in vehicle prices and apparel.”
