US consumer prices increased 0.3 percent in October
WASHINGTON (AP) — Consumer prices climbed 0.3 percent in October, with higher prices for gasoline, used autos and housing contributing to the increase.
The Labor Department says that this measure of inflation has increased 2.5 percent over the past 12 months. Adjusted for rising prices, average weekly wages have improved 0.9 percent this year.
Core inflation, which excludes volatile energy and food costs, rose 0.2 percent in October and 2.1 percent from a year ago.
Gas prices rose 3 percent in October, after having dipped 0.2 percent in September. Housing — the single largest component of the index — increased 0.3 percent last month. But food prices slipped in October as fruits, vegetables, cereals and bakery products became cheaper.
The Federal Reserve targets inflation at 2 percent.