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BLS: CPI increased 0.9% in October, Core CPI increased 0.6%

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November 10, 2021
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by Calculated Risk on 11/10/2021 08:32:00 AM

From the BLS:

The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.9 percent
in October on a seasonally adjusted basis after rising 0.4 percent in September,
the U.S. Bureau of Labor Statistics reported today. Over the last 12 months,
the all items index increased 6.2 percent before seasonal adjustment.

The monthly all items seasonally adjusted increase was broad-based, with
increases in the indexes for energy, shelter, food, used cars and trucks, and
new vehicles among the larger contributors. The energy index rose 4.8 percent
over the month, as the gasoline index increased 6.1 percent and the other major
energy component indexes also rose. The food index increased 0.9 percent as the
index for food at home rose 1.0 percent.

The index for all items less food and energy rose 0.6 percent in October after
increasing 0.2 percent in September. Most component indexes increased over the
month. Along with shelter, used cars and trucks, and new vehicles, the indexes
for medical care, for household furnishing and operations, and for recreation
all increased in October. The indexes for airline fares and for alcoholic
beverages were among the few to decline over the month.

The all items index rose 6.2 percent for the 12 months ending October, the large
st 12-month increase since the period ending November 1990. The index for all
items less food and energy rose 4.6 percent over the last 12 months, the largest
12-month increase since the period ending August 1991. The energy index rose
30.0 percent over the last 12 months, and the food index increased 5.3 percent.
emphasis added

Both CPI and core CPI were well above expectations. I’ll post a graph later today after the Cleveland Fed releases the median and trimmed-mean CPI.

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