U.S. inflation slowed in October, but prices remained 7.7% above the same month in 2021, according to data released Nov. 10 by the Department of Labor.
The dip followed higher prices in September, when the Consumer Price Index was 8.1% above the previous year.
In October, the index for shelter contributed more than half of the monthly “all-items increase,” with the indexes for gasoline and food also increasing, the department said. The energy index increased 1.8% over the month, as the gasoline index and the electricity index rose. The natural gas index decreased, and the food index increased 0.6% over the month with the food-at-home index rising 0.4%.
Last month, prices rose at their slowest pace since January, and the core Consumer Price Index — which excludes volatile prices such as energy and food — rose 6.3% in October. In September, the core Consumer Price Index was up 6.6%, its biggest increase in 40 years, according to the data.