WASHINGTON – Consumer prices fell 0.1% in October, after rising 0.3% the previous month on a seasonally adjusted basis, the Labor Department reported Wednesday.
Core consumer prices, which exclude food and energy, were up 0.1% for the month, the same gain as in September.
Economists polled by Thomson Reuters had projected consumer prices would remain unchanged from September, but were on target with their median estimate of a 0.1% gain for core consumer prices.
The September decline in consumer prices was driven by a 2.0% decrease in energy prices. Gasoline prices were down 3.1% and energy commodity prices were down 2.9%. Utility gas service prices were down 3.0%.
Consumer prices were up 3.5% for the 12 months ending in October. Core prices were up 2.1% for the same period.
Meanwhile, real average hourly earnings rose 0.3% in October on a seasonally adjusted basis, the department said in a separate release.
