WASHINGTON (AP) – Rising food costs and higher rents offset a drop in gas prices last month, leaving consumer prices only slightly higher in October compared with the previous month.
The Labor Department says the consumer price index rose a seasonally adjusted 0.1 percent in October, down from sharp gains of 0.6 percent in the previous two months. In the past year, prices increased 2.2 percent. That’s just above the Federal Reserve’s inflation target of 2 percent.READ MORE: US Launches Mass Expulsion Of Haitian Migrants Who Crossed Into Texas Illegally
The cost of shelter, which includes rents, rose 0.3 percent, the most in more than four years. Clothes and airline fares also rose, while the price of new and used cars fell.READ MORE: Chargers Finally Get Fans At SoFi, But Many Cheer For Dallas
Food prices rose 0.2 percent, while gas fell 0.6 percent. Excluding the volatile food and gas categories, core prices increased 0.2 percent.
(© Copyright 2012 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)MORE NEWS: Power Lines Electrocute 1 Of 2 Pilots Ejected From Military Training Jet That Crashed
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