WASHINGTON - Consumer prices rose 0.2% in October led largely by an increase in gasoline prices, the Labor Department reported Wednesday morning.
However, core prices, which exclude food and energy costs, were unchanged for the third straight month. Over the past year, core prices increased just 0.6%, the smallest 12-month increase in the history of the index, which dates back to 1957, Labor said.
September's headline CPI figure rose an unrevised 0.1%.
Economists expected October consumer prices would increase 0.3% and core prices would edge up 0.1%, according to the median estimate from Thomson Reuters.
Energy prices gained 2.6% in October following a 0.7% increase in September. Gasoline prices, which accounted for 90% of the overall 0.2% increase, rose 4.6% for the month. Meanwhile, food prices rose just 0.1% after a 0.3% increase in September, and the index for food prices rose just 1.4% over the past year.
Among core goods and services, shelter prices were rose 0.1% in October. Rent prices increased 0.1%. Medical care prices rose just 0.1%.
Real average hourly earnings fell 0.1%, following a revised 0.1% uptick the previous month originally reported as a 0.1% decrease.
