October Consumer Price Index Reveals Gas is Down and Food Is Up


A vehicle is fueled at a gas station in Palatine, Ill., Wednesday, Nov. 8, 2023. On Tuesday, the Labor Department issues its report on inflation at the consumer level in October. (AP Photo/Nam Y. Huh)
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(AURN News) – The consumer price index (CPI) for October has shown promising signs when it comes to the ongoing battle against inflation. The latest data released by the Labor Department indicated that inflation was flat, prompting a surge in stocks on Tuesday.

According to the report, the overall increase in food prices for the month of October was 0.3 percent, with a particular focus on an increase in meat prices. However, what may come as a relief to many Americans is the decrease in energy prices. The data, sourced from the Bureau of Labor Statistics, reveals a 5.3 percent drop in gas prices over the past year.

File – People line up to order fast food from a Chick-fil-A restaurant at the Iroquois Travel Plaza rest stop on the New York State Thruway in Little Falls, New York, on June 30, 2023. On Tuesday, the Labor Department issues its report on inflation at the consumer level in October. (AP Photo/Ted Shaffrey, File)

The October CPI report suggests that inflation has maintained a flat trajectory, offering a glimmer of hope for those closely monitoring economic indicators as rumors and predictions of a possible recession next year still linger. Despite this, there is still concern among Americans struggling financially, especially with grocery prices still elevated. As the presidential race looms within the next year, there is heightened scrutiny not only on inflation itself but also on the adverse effects that persistently high prices have on the wallets of everyday Americans.

While the latest CPI figures provide a momentary reprieve, concerns linger about the enduring impact of inflation on daily expenses. With grocery costs remaining a focal point for consumers, the upcoming presidential race adds an extra layer of complexity to discussions surrounding economic stability ahead of the 2024 election.

Click play to listen to the AURN News report from Jamie Jackson:

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