The Consumer Price Index (CPI) rose 2.2% on a year-over-year basis in October, down from a 2.4% increase in September.
The all-items CPI decelerated largely due to gasoline prices, which fell at a faster pace year over year in October (-9.4%) compared with September (-4.1%). Excluding gasoline, the CPI rose 2.6% in October, matching the increase in September.
Slower growth in grocery prices further contributed to the deceleration in the CPI in October, which was moderated by higher prices for cellular phone plans.
The CPI rose 0.2% month over month in October. On a seasonally adjusted monthly basis, the CPI was up 0.1%.
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