US consumer prices up 0.4% in October; gasoline prices surge
Nov 13, 2019 | 6:39 AM
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WASHINGTON — Surging gasoline prices caused U.S. consumer prices to rise last month at the fastest pace since March.
The Labor Department said Wednesday that its consumer price index rose 0.4% in October after a flat reading in September. Gasoline prices, after drops in August and September, jumped 3.7% last month. Excluding volatile energy and food prices, so-called core consumer inflation rose just 0.2% in October.
Overall consumer prices rose 1.8% over the past year, just below the Federal Reserve’s 2% target. Core prices increased 2.3%.
Relatively tame inflation has allowed the Fed to cut short-term U.S. interest rates three times this year to support an American economy slowed by trade disputes with China and other U.S. trading partners.
