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Consumer Price Index for 10/23

### Consumer Price Index Stabilizes in October 2023: Key Insights and Trends

**October 2023 Update on CPI-U**

The Consumer Price Index for All Urban Consumers (CPI-U) remained static in October 2023, showing no change on a seasonally adjusted basis. This follows a 0.4 percent increase in September. Over the past year, a 3.2 percent increase was observed in the all items index before seasonal adjustment.

**Key Influences in October's CPI**

October's CPI dynamics were influenced by a few key factors:

1. **Shelter Index Rise**: The shelter index continued its upward trend, which played a significant role in keeping the overall index unchanged.

2. **Decline in Gasoline Index**: A notable 5.0-percent decrease in the gasoline index contributed significantly to the energy index's 2.5 percent drop.

3. **Food Index Increment**: The food index saw a slight increase of 0.3 percent, with both 'food at home' and 'food away from home' indexes rising.

4. **Other Notable Changes**: There were increases in indexes for rent, owners' equivalent rent, motor vehicle insurance, medical care, recreation, and personal care. However, decreases were observed in lodging away from home, used cars and trucks, communication, and airline fares.

**Yearly Comparisons and Trends**

When comparing the 12-month period ending in October 2023:

- The all items index rose by 3.2 percent, a deceleration compared to the 3.7-percent increase observed in the previous year.

- The energy index saw a 4.5 percent decrease, while the food index increased by 3.3 percent.

- Notably, the all items less food and energy index witnessed a 4.0 percent rise, marking its smallest 12-month change since September 2021.


The stabilization observed in October's CPI-U highlights interesting trends in the U.S. economy, with a balanced mix of rises and falls across various sectors. These trends offer insights into consumer spending habits and the overall economic health as we move towards the end of 2023.



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