The government’s key inflation measure came in higher than expected due to a 6.3% jump in oil and gas prices.
NEW YORK — Consumer prices in October were essentially unchanged from a year ago, the government reported Wednesday, as the rising cost of oil and gas offset earlier price declines.
The Consumer Price Index, the government’s key inflation reading, is now down only 0.2% during the past 12 months compared to the same period a year ago. This is the smallest 12-month rate of decline since February.
The so-called core CPI, which is more closely watched by economists because it strips out volatile food and energy prices, is up 1.7% over the past year.
For the month, overall prices rose 0.3%. Economists surveyed by Briefing.com had forecast a 0.2% rise.
The core CPI rose just 0.2% in the month, but that was higher than the forecast of a 0.1% increase.
A 6.3% rise in fuel prices in the month helped feed the overall monthly increase. The prices of other forms of energy increased in October as well, with electricity costs up 0.6% and natural gas prices rising 1.9%.
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