The Consumer Price Index (CPI) rose 2.0% on a year-over-year basis in October, up from a 1.6% increase in September, as gasoline prices fell to a lesser extent in October (-4.0%) compared with September (-10.7%). The all-items CPI excluding gasoline rose 2.2% in October, the same growth rate as in August and September.
Prices for goods rose 0.1% on a year-over-year basis in October, following a 1.0% decline in September. In contrast, prices for services decelerated in October, rising 3.6%, the smallest yearly increase since January 2022. Over the past three years, prices for goods rose 10.2%, while prices for services increased 14.2%.
On a monthly basis, the CPI rose 0.4% in October following a 0.4% decline in September. On a seasonally adjusted monthly basis, the CPI increased 0.3%.
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