US consumer prices unchanged in October, lowest in 5 months
A shopper wears a mask as she pushes her grocery cart in the rain Thursday, June 25, 2020, in Houston. Texas Gov. Greg Abbott said Wednesday that the state is facing a "massive outbreak" in the coronavirus pandemic and that some new local restrictions may be needed to protect hospital space for new patients.[AP/David J. Phillip]
U.S. consumer prices were unchanged in October, the lowest reading in five months and an indication that a price spike over the summer is beginning to fade as coronavirus cases begin to spread.
The Labor Department reported Thursday that the flat reading in October followed a gain of 0.2% in September. Core inflation, which excludes volatile food and energy costs, also showed no changed in October, another indication that inflation remains well-behaved.
Over the past 12 months, overall inflation is up a moderate 1.2% while core inflation is up 1.6%. Both readings are well below the Federal Reserve’s 2% target.
Used car prices, which had been surging, retreated slightly in October, dropping 0.1% after a 6.7% jump n September which had been the largest one-month gain in 51 years.