U.S. consumer prices jumped more than expected for October.
The consumer price index (CPI) – which measures what Americans pay for everyday items – jumped 0.4% in October, as reported by the Labor Department. That was above analyst expectations for an increase of 0.3%.
If we exclude volatile food and energy, core CPI was up 0.2% for October, which matched expectations. Unfortunately, a 2.7% gain in energy prices accounted for more than half of the gains, says the Labor Department.
For the 12 months through October, CPI is now up 1.8% — higher than expectations for 1.7%.
Economists forecast a 0.3% jump in October, and 1.7% for the 12 months through October.
If we exclude volatile food and energy, core CPI was up 0.2% after a 0.1% move in September. This number is now up the most in more than three years.
For the 12 months ending through October, core CPI is up 2.3%