Chart – In October, which goods purchased by US consumers saw price increases?

Dan Burns

Reuters, November 10 - U.S. consumer prices rose more than expected in October (link), prompting financial markets to bet that the Federal Reserve will have to take aggressive interest rate hike measures (link) to curb inflation.

Below are some of the notable increases in the U.S. Labor Department's Consumer Price Index for October.

Public Transportation

In October, the overall price for public transportation services rose 2.0% from the previous month. Urban transit (including public transit fares) saw the highest monthly gain in six years, becoming the main driver of the overall increase.

https://www.reuters.com/graphics/USA-ECONOMY/CPI-TRANSPORTATION/lgpdbdrywpo/chart.png

Auto Insurance

After several years of steep increases, this year auto insurance costs began to ease. However, costs rose sharply again in October.

https://www.reuters.com/graphics/USA-ECONOMY/CPI-INSURANCE/znpngwymavl/chart.png

Medical Care

In October, the cost of medical services saw the largest increase in nearly three months.

https://www.reuters.com/graphics/USA-ECONOMY/CPI-MEDICALCARE/klpyraxynvg/chart.png

Smartphones

The Labor Department only began tracking smartphone prices as a separate category in 2020. Since then, monthly price declines have outnumbered increases. However, October saw a record high increase, and prices rose in four of the past seven months.

https://www.reuters.com/graphics/USA-ECONOMY/CPI-SMARTPHONES/lbpgxkqxgvq/chart.png

Televisions

Televisions are among the few categories in the Consumer Price Index (CPI) with long-term price declines, but in October, their price increase was one of the highest on record.

https://www.reuters.com/graphics/USA-ECONOMY/CPI-TV/lbvgxkqegpq/chart.png

Infant Formula

Food and grocery prices saw the largest overall gain in six months in October. Almost all food categories saw increases, with baby food and infant formula reaching record-high price jumps.

https://www.reuters.com/graphics/USA-ECONOMY/CPI-FORMULA/gkplenrzkvb/chart.png

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