This was the smallest 12-month increase since the period ending January 2022.

The U.S. Bureau of Labor Statistics (BLS) reported on Thursday that the Consumer Price Index for All Urban Consumers (CPI-U) rose 0.4% in October on a seasonally adjusted basis, the same increase as in September.

Over the last year, the all items index increased 7.7% before seasonal adjustment.

The index for shelter contributed over half of the monthly all items increase. The indexes for gasoline and food also increased for October. 

“The energy index increased 1.8 percent over the month as the gasoline index and the electricity index rose, but the natural gas index decreased,” BLS said. “The food index increased 0.6 percent over the month with the food at home index rising 0.4 percent.”

“The index for all items less food and energy rose 0.3% in October, after rising 0.6% in September,” BLS reported.

Indexes for shelter, motor vehicle insurance, recreation, new vehicles, and personal care were among those that increased over the month.

In October, several indexes declined including used cars and trucks, medical care, apparel, and airline fares indexes.

The all items index increased 7.7% for the 12 months ending October. This was the smallest 12-month increase since the period ending January 2022. 

The all items less food and energy index rose 6.3% over the last 12 months. The energy index increased 17.6% for the 12 months ending October, and the food index increased 10.9 percent over the last year. 

“All of these increases were smaller than for the period ending September,” BLS said.

In a statement regarding the October CPI report, President Joe Biden said he believes it shows progress is being made on lowering inflation.

“My economic plan is showing results, and the American people can see that we are facing global economic challenges from a position of strength,” President Biden said. “It will take time to get inflation back to normal levels – and we could see setbacks along the way – but we will keep at it and help families with the cost of living.”

President Biden said today’s report shows a much-needed break in inflation at the grocery store as we head into the holidays.

“It has been a hard two years to recover from where things were in January 2021.  But our economy has reopened, new jobs are being created, new businesses are growing, and now, we are seeing progress in getting inflation under control – with additional measures taking effect soon,” Biden said.

“I will work with anyone – Democrat or Republican – on ideas to provide more breathing room to middle-class and working families,” Biden continued. “And I will oppose any effort to undo my agenda or to make inflation worse. We are on the right path – we need to keep moving forward to build an economy from the bottom up and the middle out.”