Inflation ticked up in latest CPI report; price growth for many basics holds steady

Price growth ticked higher in October as voters began casting ballots in a presidential election in which economic concerns played a big role.

Price growth ticked higher in October as voters began casting ballots in a presidential election in which economic concerns played a big role.

The consumer price index climbed to 2.6% last month since the same time last year, the Bureau of Labor Statistics reported Wednesday. That's a bit hotter than the 2.4% annual rate in September, which was the slowest pace since President Joe Biden’s first full month in office.

“Core” inflation, a measure that excludes volatile food and energy prices, held at 3.3% over the 12 months ending in October, the same level notched in the previous month.

The data met Wall Street expectations, and markets responded favorably Wednesday morning. Stock futures turned higher, while traders bid up the price of government bonds.

Yet there are signs that progress on bringing down inflation has stalled. All-important shelter costs rose 0.4% from September to October, accounting for over half the monthly gains, the BLS said. That category is still 4.9% pricier than the same time a year ago.

https://www.nbcnews.com/business/economy/progress-inflation-likely-stalled-now-rcna179872

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