Inflation surged again in October, with the rate ticking up to 3.1 percent in October. This increase was driven by higher airfares, fresh fruit and vegetables, and freight prices.
In October, the Consumer Price Index (CPI) jumped 5 percent from a year earlier, compared to 4.5 percent in September, according to the government’s Bureau of Labor Statistics.
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Housing prices jumped 6.5 percent, in October, on a yearly basis, the highest yearly gain since November 2005. The prices of household goods and services went up 5.1 percent, seasonally adjusted, from a year earlier.
The index for airfares rose 9.4 percent from a year earlier. The average cost of fresh fruits and vegetables went up 10.3 percent and 12.1 percent, respectively, from a year earlier.
Petroleum prices rose 3.5 percent, as gasoline and other fossil fuels increased. Goods that were purchased at cost increased 1.7 percent.
The report, released on Thursday, showed a slight increase in the core inflation rate to 2.2 percent in October from 2.1 percent in September.
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Write to Ben Sales at [email protected]