The Labor Department reported that U.S. consumer prices decreased 0.1 percent in October, due largely to falling energy prices, and that annual inflation now stands at 3.6 percent, down from a three-year high of 3.9 percent in September.
Driven by a 3.1 percent decline in gasoline prices, overall energy prices fell 2.0 percent last month following an increase of 2.0 percent and, on a year-over-year basis, the energy index is now up 14.2 percent, down from an annual increase of 19.3 percent in September.
Food prices rose 0.1 percent in October and are now 4.7 percent higher than a year ago, the important “food at home” category now 6.2 percent higher than last year at this time with dairy products up a whopping 9.0 percent.
Medical care costs continued to rise, up 0.5 percent last month and 3.1 percent higher on an annual basis, while education costs also moved higher, the price of books up almost 6 percent from a year ago while tuition costs rose 4.7 percent.
