Consumer Price Index Unchanged Last Month, Slow Growth Ahead

The Consumer Price Index for All Urban Consumers (CPI-U) was unchanged in October 
 on a seasonally adjusted basis after rising 0.2 percent in September, the U.S. 
 Bureau of Labor Statistics reported today. Over the last 12 months, the all 
 items index increased 1.2 percent before seasonal adjustment.

 Component indexes were mixed, with many offsetting increases and decreases. 
 The food index rose 0.2 percent, with the food away from home index increasing 
 by 0.3 percent and a smaller 0.1-percent rise in the food at home index. The 
 energy index rose 0.1 percent in October as the index for electricity increased 
 1.2 percent. 

 The index for all items less food and energy was unchanged in October following 
 an increase of 0.2 percent in September. The index for shelter increased 0.1 
 percent in October, which was offset by a 0.4-percent decrease in the index 
 for medical care. The indexes for airline fares, recreation, and new vehicles 
 were among those to rise, while the indexes for motor vehicle insurance, apparel, 
 and household furnishings and operations declined.

 The all items index rose 1.2 percent for the 12 months ending October, a slightly 
 smaller increase than the 1.4-percent rise for the 12-month period ending September. 
 The index for all items less food and energy rose 1.6 percent over the last 12 
 months after rising 1.7 percent in September. The food index increased 3.9 percent 
 over the last 12 months, while the energy index declined 9.2 percent.

 Food

 The food index rose 0.2 percent in October after being unchanged in September. 
 The index for food at home increased 0.1 percent in October as four of the six 
 major grocery store food group indexes rose. The index for meat, poultry, fish, 
 and eggs increased 0.4 percent in October following a 0.4-percent decrease in 
 September. The indexes for other food at home and for cereals and bakery products 
 both rose 0.3 percent in October, while the index for fruits and vegetables 
 increased 0.1 percent.

 The index for dairy and related products fell 0.9 percent in October, the largest 
 monthly decrease since January 2015. The index for nonalcoholic beverages also 
 declined in October, falling 0.1 percent over the month.

 The index for food away from home continued to rise, increasing 0.3 percent in 
 October, a smaller increase than the 0.6-percent rise reported in September. 
 The indexes for limited service meals and full service meals both rose 0.3 
 percent in October.

 The food at home index increased 4.0 percent over the last 12 months. All six 
 major grocery store food group indexes rose over that span, with increases 
 ranging from 2.6 percent (fruits and vegetables) to 6.1 percent (meats, poultry, 
 fish, and eggs). The index for food away from home rose 3.9 percent over the 
 last year, the largest 12-month increase reported for that index since May 
 2009. The index for limited service meals increased 5.7 percent and the index 
 for full service meals rose 2.8 percent over the last 12 months.

 Energy

 The energy index rose 0.1 percent in October, its fifth consecutive monthly 
 increase. The electricity index was the largest contributor to this increase, 
 increasing 1.2 percent. The gasoline index decreased slightly in October, 
 falling 0.5 percent. (Before seasonal adjustment, gasoline prices fell 1.6 
 percent in October.) The index for natural gas also declined in October, 
 decreasing 0.7 percent following a 4.2-percent increase in September.

 The energy index fell 9.2 percent over the past 12 months with its component 
 indexes mixed. The gasoline index decreased 18.0 percent and the fuel oil index 
 fell 28.2 percent. In contrast, energy service indexes rose, with the index for 
 natural gas increasing 1.8 percent and the index for electricity advancing 1.3 
 percent. 

 All items less food and energy

 The index for all items less food and energy was unchanged in October after 
 increasing 0.2 percent in September. The shelter index rose 0.1 percent in 
 October, as it did in each of the previous 2 months. The indexes for rent 
 and for owners’ equivalent rent both increased 0.2 percent in October. The 
 index for lodging away from home declined in October, falling 3.2 percent. 
 The airline fares index increased 6.3 percent in October after declining 2.0 
 percent in September. The index for recreation increased 0.4 percent in October, 
 as did the index for new vehicles. The index for communication rose 0.1 percent 
 in October, while the indexes for education and for personal care were unchanged.

 The medical care index declined 0.4 percent in October after being unchanged in 
 September. The index for hospital services fell 0.6 percent in October after 
 rising 0.6 percent the previous month. The prescription drugs index fell 0.4 
 percent over the month, while the physicians’ services index was unchanged in 
 October.

 The index for motor vehicle insurance continued to decline in October, 
 decreasing 2.3 percent after falling 3.5 percent in September. The apparel index 
 declined 1.2 percent over the month following a 0.5-percent decrease in 
 September. The used cars and trucks index, which had increased sharply in August 
 and September, fell 0.1 percent in October.

 The index for all items less food and energy rose 1.6 percent over the past 12 
 months. The shelter index rose 2.0 percent over the last 12 months; the same 
 12-month increase as reported last month. The used cars and trucks index 
 increased 11.5 percent over the last 12 months and the medical care index 
 increased 2.9 percent over that period. In contrast, the indexes for apparel, 
 airline fares, and motor vehicle insurance all declined over the past 12 months.
 
 Not seasonally adjusted CPI measures

 The Consumer Price Index for All Urban Consumers (CPI-U) increased 1.2 percent 
 over the last 12 months to an index level of 260.388 (1982-84=100). For the month, 
 the index was unchanged prior to seasonal adjustment.  

 The Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) 
 increased 1.3 percent over the last 12 months to an index level of 254.076 
 (1982-84=100). For the month, the index was unchanged prior to seasonal adjustment.  

 The Chained Consumer Price Index for All Urban Consumers (C-CPI-U) increased 
 0.9 percent over the last 12 months. For the month, the index was unchanged on 
 a not seasonally adjusted basis. Please note that the indexes for the past 10 
 to 12 months are subject to revision.