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Consumer prices rose 2.6% in October compared to a year ago, ticking upward from the previous month and reversing some of the cooldown achieved in recent months, U.S. Bureau of Labor Statistics data on Wednesday showed. The fresh report matched economists‘ expectations.
The latest update offered a look at price increases little more than a week after the issue appeared to help former President Donald Trump win re-election. The data snapped a streak of six consecutive months of cooling inflation.
Core inflation — a closely watched measure that strips out volatile food and energy prices — increased 3.3% over the year ending in October, matching the previous month, the data showed.
Food prices climbed 2.1% over the year ending in October, marking a slower increase than the overall rate.
Prices fell over the past year for some common grocery items such as white bread, bacon and bananas. However, the price of eggs soared a staggering 30% over the previous year, owing primarily to an avian flu outbreak that has decimated supply.
Gasoline prices offered a bright spot in Wednesday’s report, falling more than 12% over the year ending in October. Gasoline prices typically drop over the final months of the calendar year, since drivers reduce consumption after the busy summer traveling season.
