Updated: 14-Nov-23 09:22 ET

October CPI

Updated: 14-Nov-23 09:22 ET

Highlights

• Total CPI was unchanged month-over-month (Briefing.com consensus 0.1%) following a 0.4% increase in September.
• Core CPI, which excludes food and energy, was up 0.2% month-over-month (Briefing.com consensus 0.3%) following a 0.3% increase in September. The shelter index, up 0.3%, was the largest factor in the increase in core CPI.
• On a year-over-year basis, total CPI was up 3.2%, versus 3.7% in September, and core CPI was up 4.0%, versus 4.1% in September. That was the smallest 12-month change in core CPI since September 2021.

Key Factors

• The food index was up 0.3% month-over-month and 3.3% year-over-year.
• The energy index was down 2.5% month-over-month and down 4.5% year-over-year, paced by a 5.0% monthly decline in the gasoline index.
• The used cars and trucks index dropped 0.8% month-over-month and was down 7.1% year-over-year.
• The shelter index, up 0.3% month-over-month, was up 6.7% year-over-year.
• The all items index, less shelter, was up just 1.5% year-over-year on an unadjusted basis.

Big Picture

• The key takeaway from the report is that inflation is moving in the right direction, and because it is, the market will continue to believe that the Fed won't be moving the target range for the fed funds rate any higher.

Category	OCT	SEP	AUG	JUL	JUN
All Items	0.0%	0.4%	0.6%	0.2%	0.2%
Food and Beverages	0.3%	0.3%	0.2%	0.2%	0.1%
Housing	0.3%	0.6%	0.3%	0.4%	0.3%
Equivalent Rent	0.4%	0.6%	0.4%	0.5%	0.4%
Apparel	0.1%	-0.8%	0.2%	0.0%	0.3%
Transportation	-0.9%	0.3%	2.6%	-0.1%	0.2%
Vehicles	-0.4%	-0.8%	-0.2%	-0.5%	-0.1%
Motor Fuel	-5.0%	2.1%	10.6%	0.2%	1.0%
Medical Care	0.3%	0.2%	0.2%	-0.2%	0.0%
Educ and Commun	-0.2%	0.1%	0.0%	0.0%	-0.2%
Special Indices
Core	0.2%	0.3%	0.3%	0.2%	0.2%
Energy	-2.5%	1.5%	5.6%	0.1%	0.6%
Services	0.3%	0.6%	0.4%	0.3%	0.3%