Consumer Price Index rose by 0.4% in October — The Hill

The Consumer Price Index rose by 0.4% in October compared with September. The data were released by the Bureau of Labor Statistics, The Hill reports.

At the same time, the agency did not provide data on annual price changes — compared with October 2025. The reason was the record-long federal government shutdown, which lasted throughout October. Before the data were published, the Federal Reserve Bank of Cleveland projected a monthly increase in the index of 0.2% and an annual increase of 3.7%.

Fuel and food prices rose

Gasoline prices rose by 1% in October after increasing by 9.1% in September. The average price of a gallon of regular gasoline stood at $3.98 as of Tuesday, according to AAA. This is about 40 cents less than a month ago, but approximately 80 cents more than a year ago.

Overall, energy prices rose by 0.7% over the month, while they increased by 5.2% in September. AAA also reported that diesel fuel costs $2.42 per gallon more than a year ago. The Hill links the increase in fuel prices to the war with Iran, which, according to the publication, has been ongoing for a ninth month.

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Food prices rose by 0.5% in October compared with September. Core inflation, which excludes volatile food and energy prices, increased by 0.3% over the month. In the previous month, annual core inflation stood at 2.6%.

Rate expectations

In September, the Federal Reserve raised interest rates by a quarter of a percentage point for the first time since July 2023. Last month, the Federal Open Market Committee left rates unchanged in a 10-to-2 vote.

According to the CME FedWatch tool, on Monday traders assessed the probability of another quarter-percentage-point rate increase at the December 8–9 meeting at 84.2%.