How much did US consumer prices rise in October?

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US Consumer Prices Rose 0.4 Per Cent in October

US consumer prices increased by 0.4 per cent in October, a rate that matched September's rise and fell below economists' forecasts of a 0.6 per cent advance. This moderation in the pace of price increases marked the first time the annual inflation rate dipped below 8 per cent since February, reaching 7.7 per cent.
Soaring Rents Drove a Significant Portion of the Increase

Shelter costs, particularly rents, were a primary driver of the October consumer price index (CPI) rise, accounting for over half of the overall increase. Owners' equivalent rent, a key component of this measure, saw a 0.6 per cent increase, following an 0.8 per cent jump in September. On a year-on-year basis, this measure of housing costs rose by a record 6.9 per cent.
Rebounding Gasoline Prices Offset Some Moderation

While the overall inflation rate showed signs of slowing, gasoline prices experienced a rebound in October. This resurgence followed three consecutive months of decreases. Despite this, the pace of food price increases also slowed, with a 0.6 per cent rise overall. Specifically, the cost of food consumed at home saw its smallest gain since December 2021, increasing by 0.4 per cent.
Annual Inflation Fell Below 8 Per Cent for the First Time Since February

In the twelve months leading up to October, the CPI rose by 7.7 per cent. This figure represents a significant decrease from the 8.2 per cent annual increase recorded in September and marks the first time since February that the annual inflation rate has been below the 8 per cent threshold. The annual CPI had previously peaked at 9.1 per cent in June.

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How much did US consumer prices rise in October?

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