US consumer prices rise 0.4% in October; BLS publishes no annual rate

US consumer prices, as measured by the consumer price index (CPI), rose 0.4% in October on a seasonally adjusted basis, down from 0.6% in September, the US Bureau of Labor Statistics (BLS) said on November 10. The agency published no 12-month inflation rate for October because it did not run its price surveys in October 2025, when federal funding had lapsed.

What the October CPI data showed

Shelter costs made up a large share of the increase: the shelter index rose 0.3%, and the BLS said it accounted for more than 30% of the monthly all-items gain. Food prices rose 0.5% after holding flat in September, with food at home up 0.4% and food away from home up 0.5%.

Energy prices cooled after September's surge. The energy index rose 0.7%, compared with 5.2% the month before, and gasoline rose 1.0% after a 9.1% jump. Without seasonal adjustment, the BLS data show gasoline prices down 0.7% for the month. Electricity rose 0.9%, while natural gas service fell 0.8%.

Core inflation, which leaves out food and energy and is watched as a gauge of underlying price pressure, rose 0.3% for the third month in a row. Recreation (+0.8%) and motor vehicle insurance (+0.7%) were among the categories that increased. Used cars and trucks fell 1.2%, after rising 0.7% in September.

Measure	September	October
All items	+0.6%	+0.4%
Core (less food and energy)	+0.3%	+0.3%
Shelter	+0.4%	+0.3%
Food	0.0%	+0.5%
Energy	+5.2%	+0.7%
Gasoline	+9.1%	+1.0%
Used cars and trucks	+0.7%	−1.2%

Monthly changes, seasonally adjusted. Source: BLS.

Why there is no annual rate

Because federal funding lapsed in 2025, the BLS did not run its price surveys for October 2025 and has no October 2025 index for most series. A 12-month change compares a month with the same month a year earlier, so the agency publishes no annual rate for October 2026 for those series, including the all-items index and core prices.

The release still shows 12-month changes for a small number of series that do have October 2025 data, including gasoline (up 37.4% from a year earlier), new vehicles (up 0.7%), and used cars and trucks (down 3.3%), all before seasonal adjustment.

The latest official 12-month rate for all items therefore remains September's 3.7%, according to the BLS; our September CPI report has the details. The BLS describes a way to approximate a missing month from the months before and after it, but warns that values calculated this way "cannot be interpreted as official CPI series" and that percent changes based on them "should also be considered as unofficial estimates."

Why it matters

The Federal Reserve (Fed) kept the target range for the federal funds rate at 3.75% to 4% on October 28, with two officials dissenting in favor of an increase and its statement saying that inflation "remains elevated." In our assessment, October's figures do not change that picture: the monthly headline rate slowed as gasoline cooled, but core prices kept rising at 0.3% a month.

This is the last CPI report before the Fed's December 8–9 meeting. For one Fed official's view going into the release, see our report on Governor Christopher Waller's November 10 speech.

What it could mean for traders

Inflation data feed into interest-rate expectations, which affect the dollar, borrowing costs, and the appetite for risk assets, including crypto. Without an all-items annual rate this month, the monthly figures, especially core prices, are the main new inflation readings in the report. Jobs data feed into the same expectations: the BLS October jobs report, released on November 6, showed nonfarm payroll employment up 165,000 (our coverage of the jobs report).

What happens next

The BLS will publish the November CPI on Thursday, December 10, 2026, at 08:30 ET (13:30 UTC), the day after the Fed's December 8–9 meeting ends with its next rate decision.