October CPI rises 0.4% on higher food, shelter, energy costs

The consumer price index rose 0.4% in October, driven by higher costs for food, shelter, and energy, according to the Bureau of Labor Statistics. This increase exceeded the 0.3% forecast by economists. Core inflation, excluding volatile food and energy, rose 0.3% in October. Energy prices increased 0.7% for the month, a slowdown from September's 5.2% jump, while shelter costs rose 0.3% and food prices increased 0.5%. The report is likely to influence the Federal Reserve, which targets 2% annual inflation and raised rates in September for the first time since 2023. Economists expect a 0.25% rate hike at the December meeting.