Blog Post

The Consumer Price Index for All Urban Consumers (CPI-U) was unchanged in October on a seasonally adjusted basis, after increasing 0.4% in September, the U.S. Bureau of Labor Statistics reported. Over the last 12 months, the all items index increased 3.2% before seasonal adjustment.

The index for shelter continued to rise in October, offsetting a decline in the gasoline index and resulting in the seasonally adjusted index being unchanged over the month. The energy index fell 2.5% over the month as a 5.0% decline in the gasoline index more than offset increases in other energy component indexes. The food index increased 0.3% in October, after rising 0.2% in September. The index for food at home increased 0.3% over the month while the index for food away from home rose 0.4%.

The index for all items less food and energy rose 0.2% in October, after rising 0.3% in September. Indexes which increased in October include rent, owners’ equivalent rent, motor vehicle insurance, medical care, recreation, and personal care. The indexes for lodging away from home, used cars and trucks, communication, and airline fares were among those that decreased over the month.

The all items index rose 3.2% for the 12 months ending October, a smaller increase than the 3.7% increase for the 12 months ending September. The all items less food and energy index rose 4.0% over the last 12 months, its smallest 12-month change since the period ending in September 2021. The energy index decreased 4.5% for the 12 months ending October, and the food index increased 3.3% over the last year.

Table A. Percent changes in CPI for All Urban Consumers (CPI-U): U.S. city average

	Seasonally adjusted changes from preceding month							Un- adjusted 12-mos. ended Oct. 2023
	Apr. 2023	May 2023	Jun. 2023	Jul. 2023	Aug. 2023	Sep. 2023	Oct. 2023
All items	0.4	0.1	0.2	0.2	0.6	0.4	0.0	3.2
Food	0.0	0.2	0.1	0.2	0.2	0.2	0.3	3.3
Food at home	-0.2	0.1	0.0	0.3	0.2	0.1	0.3	2.1
Food away from home(1)	0.4	0.5	0.4	0.2	0.3	0.4	0.4	5.4
Energy	0.6	-3.6	0.6	0.1	5.6	1.5	-2.5	-4.5
Energy commodities	2.7	-5.6	0.8	0.3	10.5	2.3	-4.9	-6.2
Gasoline (all types)	3.0	-5.6	1.0	0.2	10.6	2.1	-5.0	-5.3
Fuel oil(1)	-4.5	-7.7	-0.4	3.0	9.1	8.5	-0.8	-21.4
Energy services	-1.7	-1.4	0.4	-0.1	0.2	0.6	0.5	-2.3
Electricity	-0.7	-1.0	0.9	-0.7	0.2	1.3	0.3	2.4
Utility (piped) gas service	-4.9	-2.6	-1.7	2.0	0.1	-1.9	1.2	-15.8
All items less food and energy	0.4	0.4	0.2	0.2	0.3	0.3	0.2	4.0
Commodities less food and energy commodities	0.6	0.6	-0.1	-0.3	-0.1	-0.4	-0.1	0.1
New vehicles	-0.2	-0.1	0.0	-0.1	0.3	0.3	-0.1	1.9
Used cars and trucks	4.4	4.4	-0.5	-1.3	-1.2	-2.5	-0.8	-7.1
Apparel	0.3	0.3	0.3	0.0	0.2	-0.8	0.1	2.6
Medical care commodities(1)	0.5	0.6	0.2	0.5	0.6	-0.3	0.4	4.7
Services less energy services	0.4	0.4	0.3	0.4	0.4	0.6	0.3	5.5
Shelter	0.4	0.6	0.4	0.4	0.3	0.6	0.3	6.7
Transportation services	-0.2	0.8	0.1	0.3	2.0	0.7	0.8	9.2
Medical care services	-0.1	-0.1	0.0	-0.4	0.1	0.3	0.3	-2.0
Footnotes (1) Not seasonally adjusted.

Food

The food index rose 0.3% in October, after rising 0.2% in each of the last three months. The index for food at home increased 0.3% over the month, after rising 0.1% in September. Four of the six major grocery store food group indexes increased over the month. The index for meats, poultry, fish, and eggs rose 0.7% in October as the index for beef increased 1.2% and the index for pork rose 1.3%. The other food at home index increased 0.3% over the month, as did the dairy and related products index. The index for cereals and bakery products rose 0.2% in October, after falling 0.4% in September. The index for nonalcoholic beverages decreased 0.1% in October, after being unchanged in September.

The fruits and vegetables index was unchanged over the month, as it was in September. The food away from home index rose 0.4% in October, as it did in September. The index for limited service meals increased 0.5% and the index for full service meals rose 0.3% over the month. The food at home index rose 2.1% over the last 12 months. The index for cereals and bakery products rose 4.2% over the 12 months ending in October. The dairy and related products index decreased 0.4% over the year. The remaining major grocery store food group indexes posted increases ranging from 0.4% (meat, poultry, fish, and eggs) to 3.6% (other food at home). The index for food away from home rose 5.4% over the last year. The index for limited service meals rose 6.2% over the last 12 months, and the index for full service meals rose 4.3% over the same period.

Energy

The energy index fell 2.5% in October after increasing 1.5% in September. The gasoline index decreased 5.0% in October, following a 2.1% increase in the previous month. (Before seasonal adjustment, gasoline prices fell 5.3% in October.) The index for fuel oil fell in October, decreasing 0.8%. The natural gas index rose 1.2% over the month after falling 1.9% the previous month. The index for electricity rose 0.3% in October, after increasing 1.3% in September. The energy index fell 4.5% over the past 12 months, as its components were mixed over the year. The gasoline index decreased 5.3%, the natural gas index declined 15.8%, and the fuel oil index fell 21.4% over the span. In contrast, the index for electricity rose 2.4% over the last year.

All Items Less Food and Energy

The index for all items less food and energy rose 0.2% in October, after rising 0.3% in September. The shelter index increased 0.3% in October, after rising 0.6% the previous month. The index for rent rose 0.5% in October, and the index for owners’ equivalent rent increased 0.4% over the month. The lodging away from home index decreased 2.5% in October. The shelter index was the largest factor in the monthly increase in the index for all items less food and energy. Among the other indexes that rose in October was the index for motor vehicle insurance, which increased 1.9% after rising 1.3% the preceding month. The indexes for recreation, personal care, and apparel also increased in October. The medical care index rose 0.3% in October, after rising 0.2% in September.

The index for hospital services increased 1.1% over the month, and the index for prescription drugs rose 0.8%. In contrast, the physicians’ services index fell 1.0% in October. The index for used cars and trucks fell 0.8% in October, after decreasing 2.5% in September. The communication index fell 0.3% over the month, and the index for airline fares declined 0.9%. The index for household furnishings and operations and the index for new vehicles both declined 0.1% over the month. The index for all items less food and energy rose 4.0% over the past 12 months. The shelter index increased 6.7% over the last year, accounting for over 70% of the total increase in the all items less food and energy index. Other indexes with notable increases over the last year include motor vehicle insurance (+19.2%), recreation (+3.2%), personal care (+6.0%), and household furnishings and operations (+1.7%).

Not seasonally adjusted CPI measures The Consumer Price Index for All Urban Consumers (CPI-U) increased 3.2% over the last 12 months to an index level of 307.671 (1982-84=100). For the month, the index was unchanged prior to seasonal adjustment. The Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) increased 3.1% over the last 12 months to an index level of 302.071 (1982-84=100). For the month, the index decreased 0.1% prior to seasonal adjustment. The Chained Consumer Price Index for All Urban Consumers (C-CPI-U) increased 3.1% over the last 12 months. For the month, the index was unchanged on a not seasonally adjusted basis. Please note that the indexes for the past 10 to 12 months are subject to revision.