Consumer prices settled lower in October for the first time in six months, the latest data from the US Labor Department shows. The bureau on Wednesday, November 20, said the Consumer Price Index, or CPI, fell 0.1% last month after rising 0.2% in the prior month.
Declining categories were broad and led by energy prices which fell 2.7%. Within that category, gasoline prices dropped 2.9% and are now down 10.1% from a year ago. Americans did not see savings in food as prices went up 0.1% in October after having remained flat in September. The main food index has now increased 1.3% since the same time last year.
Pulling out food and energy prices, which tend to be the most volatile, the so-called core inflation rate also advanced 0.1% in October, matching the increases from the previous two months.
Over the longer term, from October 2012 to October 2013, the annual inflation rate rose 1% compared to the 1.2% increase through the twelve months ended September. The increase was the smallest since the 12 months ended October 2009. The core annual inflation rate again rose 1.7%, the same amount as the US Labor Department reported in September.
Here is a table of major consumer prices by category and their month-over-month changes. The prices for these items are collected and published by the Bureau of Labor Statistics (BLS) each month:
US Inflation: April 2013 – October 2013 Consumer Prices
| Apr 2013 | May 2013 | June 2013 | Jul 2013 | Aug 2013 | Sept 2013 | Oct 2013 | 12 Month | |
| All items | -0.4 | 0.1 | 0.5 | 0.2 | 0.1 | 0.2 | -0.1 | 1.0 |
| Food | 0.2 | -0.1 | 0.2 | 0.1 | 0.1 | .0 | 0.1 | 1.3 |
| Food at home | 0.1 | -0.3 | 0.2 | 0.1 | 0.1 | .0 | 0.1 | 0.8 |
| Food away from home | 0.3 | 0.2 | 0.2 | 0.2 | 0.2 | 0.1 | 0.1 | 1.9 |
| Energy | -4.3 | 0.4 | 3.4 | 0.2 | -0.3 | 0.8 | -1.7 | -4.8 |
| Energy commodities | -7.9 | -0.1 | 5.7 | 1.0 | .0 | 0.9 | -2.7 | -9.5 |
| Gasoline (all types) | -8.1 | .0 | 6.3 | 1.0 | -0.1 | 0.8 | -2.9 | -10.1 |
| Fuel oil | -4.4 | -2.9 | -0.5 | 1.1 | 1.2 | 0.9 | -0.6 | -4.6 |
| Energy services | 1.4 | 1.2 | 0.1 | -1.0 | -0.7 | 0.8 | -0.2 | 3.3 |
| Electricity | 0.5 | 0.8 | 0.2 | -0.3 | -0.1 | 0.5 | 0.1 | 3.0 |
| Utility (piped) gas service | 4.4 | 2.4 | -0.4 | -2.8 | -2.3 | 1.8 | -1.0 | 4.4 |
| All items less food, energy | 0.1 | 0.2 | 0.2 | 0.2 | 0.1 | 0.1 | 0.1 | 1.7 |
| Comm. less food, energy | .0 | .0 | 0.2 | .0 | .0 | -0.1 | -0.1 | -0.1 |
| New vehicles | 0.3 | .0 | 0.3 | 0.1 | .0 | 0.2 | -0.1 | 1.0 |
| Used cars and trucks | 0.6 | -0.1 | -0.4 | -0.4 | -0.1 | .0 | 0.3 | 1.4 |
| Apparel | -0.3 | 0.2 | 0.9 | 0.6 | 0.1 | -0.5 | -0.5 | -0.2 |
| Medical care | 0.1 | -0.5 | 0.5 | 0.4 | 0.4 | 0.1 | 0.3 | 0.5 |
| Services less energy | 0.1 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 2.3 |
| Shelter | 0.2 | 0.3 | 0.2 | 0.2 | 0.2 | 0.2 | 0.1 | 2.3 |
| Transportation | -0.2 | 0.4 | -0.1 | 0.4 | -0.5 | 0.3 | 0.7 | 2.5 |
| Medical care | -0.1 | .0 | 0.4 | 0.1 | 0.7 | 0.3 | -0.1 | 2.9 |
And as always, here is the latest Consumer Price Index summary that the BLS released on Wednesday, November 20, 2013.
The Consumer Price Index for All Urban Consumers (CPI-U) decreased 0.1% in October on a seasonally adjusted basis, the U.S. Bureau of Labor Statistics reported today. Over the last 12 months, the all items index increased 1.0% before seasonal adjustment.
The gasoline index fell 2.9% in October and led to the seasonally adjusted decline in the all items index. Other energy indexes were mixed, with the electricity index rising, but the indexes for fuel oil and for natural gas declining. The food index rose slightly, with major grocery store food group indexes evenly split between advances and declines.
The index for all items less food and energy rose 0.1% in October. The shelter index rose, but posted its smallest increase since December 2012. The indexes for airline fares, for recreation, and for used cars and trucks also increased. The medical care index was unchanged, while the indexes for apparel, for household furnishings and operations, and for new vehicles all declined.
The all items index increased 1.0% over the last 12 months; this was the smallest 12-month increase since October 2009. The energy index has declined 4.8% over the last 12 months, its largest 12-month decline since July 2012. The index for all items less food and energy has risen 1.7% over the last year, while the food index has risen 1.3%.
Food Inflation
The food index rose 0.1% in October after being unchanged in September. Among major grocery store food groups, the index for meats, poultry, fish, and eggs rose 0.6%, the largest increase of any group and its fifth increase in a row. The index for nonalcoholic beverages rose 0.4% after declining in each of the three previous months, and the fruits and vegetables index rose 0.2% after declining in September.
In contrast to these increases, the index for cereals and bakery products fell 0.4% in October after rising in August and September. The indexes for dairy and related products and for other food at home both fell 0.2% after rising in September. The food at home index has risen 0.8% over the last 12 months. The indexes for meats, poultry, fish, and eggs, for fruits and vegetables, and for cereals and bakery products have risen over the span, while the indexes for nonalcoholic beverages, for other food at home, and for dairy and related products have declined. The index for food away from home rose 0.1% in October and has increased 1.9% over the last 12 months.
Energy Inflation
The energy index declined 1.7% in October after increasing in September. The gasoline index, which rose 0.8% in September, fell 2.9% in October. (Before seasonal adjustment, gasoline prices fell 4.9% in October.) The fuel oil index also turned down, falling 0.6% in October after rising in September.
Similarly, the index for natural gas fell 1.0% after rising 1.8% in September. The electricity index was the only major component to increase, rising 0.1%. The energy index has declined 4.8% over the last year, with the gasoline index down 10.1%. The fuel oil index also fell, declining 4.6%. In contrast, the natural gas index rose 4.4% over the span, and the electricity index rose 3.0%.
All items less food and energy
The index for all items less food and energy rose 0.1% in October, the same increase as in August and September. The shelter index rose 0.1% in October after increasing 0.2% in each of the previous four months. The indexes for rent and owners’ equivalent rent both increased 0.2%, but the index for lodging away from home declined 3.1%. The index for airline fares rose sharply in October, advancing 3.6%. The index for used cars and trucks, unchanged in September, rose 0.3% in October. The indexes for recreation and for tobacco also increased, each rising 0.1%.
The index for medical care was unchanged in October, ending a string of four consecutive increases. The index for medical care commodities rose 0.3% as the prescription drug index rose 0.4%. However, the index for medical care services declined 0.1% as the hospital services index fell 0.3% after increasing sharply in recent months. The apparel index declined in October, falling 0.5%, the same decline as in September. The index for household furnishings and operations fell 0.2%, and the new vehicles index declined 0.1% after rising in September.
The index for all items less food and energy increased 1.7% for the 12 months ending October, the same increase as the 12 months ending September. The indexes for shelter and medical care have both risen 2.3% over the last 12 months, and the new vehicles index has increased 1.0%. The apparel index has declined over the last 12 months, falling 0.2%.
Not seasonally adjusted CPI measures
The Consumer Price Index for All Urban Consumers (CPI-U) increased 1.0% over the last 12 months to an index level of 233.546 (1982- 84=100). For the month, the index decreased 0.3% prior to seasonal adjustment.
The Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) increased 0.8% over the last 12 months to an index level of 229.735 (1982-84=100). For the month, the index decreased 0.3% prior to seasonal adjustment.
The Chained Consumer Price Index for All Urban Consumers (C-CPI-U) increased 1.0% over the last 12 months. For the month, the index decreased 0.2% on a not seasonally adjusted basis. Please note that the indexes for the post-2011 period are subject to revision.
The Consumer Price Index for next month, November 2013, is scheduled for release on Tuesday, December 17, 2013, at 8:30 a.m. (EST).