Core inflation, stripping out food and energy, increased 4.6%, the fastest gain since August 1991. Energy, shelter and vehicle costs led the gains, which more than wiped out the wage increases that workers received for the month.
- The consumer price index, which is a basket of products ranging from gasoline and health care to groceries and rents, rose 6.2% from a year ago, the most since December 1990. That compared with the 5.9% Dow Jones estimate.
- On a monthly basis, the CPI increased 0.9% against the 0.6% estimate.
- Stripping out volatile food and energy prices, so-called core CPI was up 0.6% against the estimate of 0.4%. Annual core inflation ran at a 4.6% pace, compared with the 4% expectation and the highest since August 1991.
- Fuel oil prices soared 12.3% for the month, part of a 59.1% increase over the past year. Energy prices overall rose 4.8% in October and are up 30% for the 12-month period.
- Used vehicle prices again were a big contributor, rising 2.5% on the month and 26.4% for the year. New vehicle prices were up 1.4% and 9.8%, respectively.
- Food prices also showed a sizeable bounce, up 0.9% and 5.3% respectively. Within the food category, meat, poultry, fish and eggs collectively rose 1.7% for the month and 11.9% year over year.
- The price increases meant that workers fell further behind.
SOURCE: CNBC
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