EL7.AI
Macro EconomyMedium•10 November 2026•
4 min read

U.S. CPI rises 0.4% in October after 0.6% increase

Key Facts

1The Consumer Price Index rose 0.4% in October after a 0.6% increase in September.
2The core index rose 0.3% in October, the same increase as in September and August.
3The shelter index rose 0.3% and accounted for more than 30% of the monthly headline increase.
412-month changes for the affected series could not be published because October 2025 data were unavailable.

The U.S. Consumer Price Index for All Urban Consumers rose 0.4% on a seasonally adjusted basis in October 2026, after a 0.6% increase in September, according to the U.S. Bureau of Labor Statistics. The slowdown in the headline index came as prices continued to rise in several components, including shelter, food and energy. The core index, which excludes food and energy, rose 0.3% in October, the same monthly increase recorded in September and August. That monthly trend kept underlying price pressures in view in the October reading, despite the headline slowdown from the previous month. The bureau did not publish 12-month changes for the affected series, limiting the ability to present an official year-over-year reading for this release.

Shelter stood out among the index components, rising 0.3% in October and accounting for more than 30% of the monthly increase in the headline index, according to the bureau. The food index rose 0.5% during the month, with food at home up 0.4% and food away from home up 0.5%. The energy index also rose 0.7%, a slower pace than its 5.2% increase in September. The gasoline index rose 1.0% in October, after a 9.1% increase the previous month. The figures show that the slower headline increase coincided with continued gains in shelter, food and energy, although energy and gasoline rose at a more subdued pace than in September.

Other indexes moved in mixed directions during the month. The used cars and trucks index fell 1.2% in October, after rising 0.7% in September. By contrast, the medical care index rose 0.3%, compared with a 0.1% increase the previous month. These differences across components add context to the 0.3% core reading, as prices in different sectors did not move at the same pace. The core index remained at the same monthly increase recorded in the previous two months, while some components posted larger or smaller changes than before.

October year-over-year changes were unavailable for the affected CPI series because the Bureau of Labor Statistics did not collect survey data for October 2025 due to a lapse in appropriations, leaving most corresponding indexes for that month unavailable. The bureau said this prevented it from publishing 12-month changes for those series. In September data released on October 14, the annual inflation rate was 3.7%, compared with a prior reading of 3.4%, according to EL7 data. Before October data were released, economists estimated headline annual inflation at 3.9% and core annual inflation at 2.7%, after 2.6% in September; these were alternative estimates, not official readings published for October. October's monthly reading and index components therefore remain the official figures available here, while the estimates do not replace the year-over-year comparison that could not be published.

The release followed the Federal Reserve's decision at its October 28 meeting to keep the target interest rate range at 3.75% to 4%, according to the central bank's statement. The decision was approved by a 10-to-2 vote, with the two dissenters favoring a quarter-percentage-point rate increase. In separate remarks on November 10, Dallas Fed President Lorie Logan said she saw a need to raise rates by at least half a percentage point before pausing to assess conditions. After the inflation data, Nasdaq futures fell 1.4% and S&P 500 futures declined 0.8%. The two-year Treasury yield rose 13 basis points to 4.68%, while the 10-year yield gained 7.6 basis points to 4.94%, according to Reuters via Investing.com.

Attention now turns to the October Producer Price Index, which the Bureau of Labor Statistics is scheduled to release on Friday, November 13, 2026, at 08:30 a.m. Eastern time. The November Consumer Price Index is scheduled for release on Thursday, December 10, at the same time. The Federal Reserve is also scheduled to hold its next meeting on December 8 and 9, according to the schedule cited in a Reuters report via StreetInsider. These dates mark the next price data releases and monetary policy decision following October's release. The producer price reading will come before the next CPI release and the Federal Open Market Committee meeting.