Energy prices keep CPI subdued in October

November 15, 2012

Energy prices keep CPI subdued in October

A slight decline in energy prices helped moderate the increase in the overall consumer price index to a seasonally adjusted 0.1 percent in October, according to data released Thursday from the Bureau of Labor Statistics.

October's CPI data show that the energy index declined 0.2 percent. That follows a 4.5 percent increase in September and a 5.6 percent increase in August. NAFCU Research Assistant Doug Christman said gas prices, which fell 0.6 percent during the month, were a key contributor to the energy index decline. "Prior to October, the gasoline index increased 16.6 percent from July to September," he noted.

On a year-over-year basis, overall CPI growth was 2.2 percent, up from 2 percent in September. Year-over-year energy prices were up 4 percent.

Core prices, which exclude food and energy costs, rose 0.2 percent in October, following a 0.1 percent increase the previous month. Year-over-year core CPI grew 2 percent, echoing September's pace.

Christman added that analysts expect inflation "to remain at acceptable levels over the coming months."

For more, see NAFCU's Macro Data Flash.

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