US inflation slows in October but food and energy costs continue to rise.
US consumer prices rose less sharply in October, according to the Bureau of Labor Statistics, offering some relief after September's stronger-than-expected reading, although higher food and energy costs continued to put pressure on households.
Source: Sharecast
The BLS' headline consumer price index increased 0.4% month-on-month in October, slowing from September's 0.6% rise, while core CPI, which strips out volatile food and energy costs, rose 0.3%, matching the pace seen in both August and September.
Housing costs remained a key driver of inflation, with the shelter index rising 0.3% and accounting for more than 30% of the monthly increase in headline prices, while food prices rose 0.5%, with grocery prices up 0.4% and food away from home also increasing 0.5%.
Energy prices increased 0.7% during the month, following a 5.2% jump in September. Petrol prices rose 1%, while electricity costs increased 0.9%, partially offset by a 0.8% decline in natural gas prices.
Elsewhere, recreation prices increased 0.8%, while motor vehicle insurance, medical care, education and household furnishings also recorded gains. However, used car and truck prices fell 1.2%, while communication costs edged lower.
Reporting by Iain Gilbert at Sharecast.com
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