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Consumer prices rise slightly in October
Overall consumer prices rose 0.1 percent in October – down from the previous month's 0.5 percent increase. According NAFCU Vice President of Research and Chief Economist Curt Long, the muted growth was due to declining energy prices, which had soared after recent hurricanes.
"Overall CPI growth decelerated as hurricane-related boosts to gasoline prices unwound," Long said in a NAFCU Macro Data Flash report. "Core inflation, on the other hand, grew at a slightly faster pace in October as rents picked up and the prices of used cars rebounded. However, prices of new vehicles and apparel continued to fall."
Long noted inflation remained soft in October, but that "the Fed appears poised to proceed with a quarter-point rate increase in December on the strength of a labor market it considers to be near full employment."
Year over year, the overall consumer price index (CPI) rose 2 percent in October after 2.2 percent growth in September.
Core prices (excluding food and energy costs) increased 0.2 percent in October compared with the previous month. Year-over-year core CPI growth edged up to 1.8 percent.
Energy prices fell 1 percent in October after September's 6.1 percent jump, which was the largest gain since 2009. From a year ago, energy prices were up 6.4 percent. Food prices were unchanged in October after a 0.1 percent increase in September. Year over year, food prices were up 1.3 percent.
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