The Labor
Department reported on Wednesday the U.S. consumer price index (CPI) went up 0.2 per cent m-o-m in October, the same
pace as in the previous month.
Over the last
12 months, the CPI jumped by 2.6 per cent y-o-y, quickening from an unrevised increase of
2.4 per cent y-o-y reported for the period ending in September. This marked the
first acceleration in the headline CPI since March and represented the strongest 12-month rise since
July (+2.9 per cent).
Economists had predicted
the U.S. CPI to advance by 0.2 per cent m-o-m and 2.6 per cent y-o-y.
According to
the report, a surge in the index for shelter (+0.4 per cent m-o-m) contributed
over half of the monthly gain in the index for all items. In addition, the food
index also increased (+0.2 per cent m-o-m) over the month. Meanwhile, the
energy index (flat m-o-m) remained unchanged in October.
The core CPI,
excluding volatile food and fuel costs, climbed by 0.3 per cent m-o-m in October, the same
pace as in the previous month.
In the 12
months through October, the core CPI soared by 3.3 per cent, at a similar pace
as in the 12-month period ending in September.
Economists
had anticipated the core CPI to increase by 0.3 per cent m-o-m and 3.3 per cent
y-o-y in September.