Consumer prices continued to climb in October as the pace of overall inflation held at the level hit a month earlier and underlying inflation excluding food and fuel slowed.
The Labor Department’s consumer price index rose by 0.4 percent compared with a month earlier. Compared with 12 months ago, the CPI is up 7.7 percent.percent compared with September and are up 6.3Economists had expected a 0.7 percent month-to-month rise in CPI. Prices were expected to be up 7.9 percent compared with a year ago. Core prices were seen as rising 0.5 percent for the month and 6.6 percent for the year.
Core prices were up 0.6 percent in September from August and 6.6 percent year over year. So the pace of core inflation decelerated in October. Used car prices fell 2.4 percent, the fourth month of declining prices. Compared with a year ago, used car prices are up two percent. New car prices rose 0.4 percent and are up 8.4 percent from a year ago.
The Federal Reserve officials has been raising interest rates since March, including four straight hikes of an unusually large 75 basis points. This has taken the Fed’s benchmark rate from near zero to just below four percent.
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