Updated: 13-Nov-24 09:22 ET

October CPI

Updated: 13-Nov-24 09:22 ET

Highlights

• Total CPI increased 0.2% month-over-month in October (Briefing.com consensus 0.2%) while core CPI, which excludes food and energy, increased 0.3% month-over-month (Briefing.com consensus 0.3%).
• Those increases left total CPI up 2.6% year-over-year, versus 2.4% in September, and core CPI up 3.3%, unchanged from September.

Key Factors

• The food index increased 0.2% month-over-month and was up 2.1% year-over-year.
• The energy index was unchanged month-over-month and was down 4.9% year-over-year.
• The shelter index increased 0.4% month-over-month and was up 4.9% year-over-year.
• The used cars and trucks index rose 2.7% month-over-month and was down 3.4% year-over-year.
• The apparel index declined 1.5% month-over-month and was up 0.3% year-over-year.
• The services index was up 4.7% year-over-year (services less rent of shelter was up 4.5%).

Big Picture

• The key takeaway from the report -- and perhaps calming influence -- is the understanding that the shelter index accounted for more than 65% of the total 12-month increase in core CPI, so the market is watering down the headline inflation print as not being as comprehensively inflationary as it seems. The unadjusted change in the all items less shelter index was just 1.3% year-over-year.

Category	OCT	SEP	AUG	JUL	JUN
All Items	0.2%	0.2%	0.2%	0.2%	-0.1%
Food and Beverages	0.2%	0.4%	0.1%	0.2%	0.2%
Housing	0.4%	0.2%	0.3%	0.4%	0.2%
Equivalent Rent	0.4%	0.3%	0.5%	0.4%	0.3%
Apparel	-1.5%	1.1%	0.3%	-0.4%	0.1%
Transportation	0.3%	-0.2%	0.1%	-0.1%	-1.3%
Vehicles	0.7%	0.3%	-0.2%	-0.7%	-1.0%
Motor Fuel	-0.9%	-4.1%	-0.6%	0.0%	-3.8%
Medical Care	0.3%	0.4%	-0.1%	-0.2%	0.2%
Educ and Commun	-0.3%	0.0%	0.1%	0.2%	-0.1%
Special Indices
Core	0.3%	0.3%	0.3%	0.2%	0.1%
Energy	0.0%	-1.9%	-0.8%	0.0%	-2.0%
Services	0.4%	0.4%	0.3%	0.3%	0.1%