The Consumer Price Index, the leading measure of inflation in the U.S., rose 7.7% in the 12-month period ending in October, according to the Bureau of Labor Statistics.
According to the BLS, 7.7% is the lowest inflation has been since January. Although there are signs that the Federal Reserve’s interest rates are starting to slow inflation, the price of many necessities continues to jump.
The Consumer Price Index is down from 8.2% a month ago and a high of 9.1% in June.
The Federal Reserve said its goal is to get inflation down to around 2%.
In October alone, the cost of food increased .6%. For the year, food costs have gone up 10.9%. For the month, energy prices rose by 1.8%, and for the year, by 17.6%. Shelter costs increased by .8% in October alone and 6.9% for the year as a whole.
The data is indicating that while the prices of necessities are increasing, other items may actually be staying put, if not decreasing.
The cost of major appliances dropped 1.5% in October alone. Apparel saw a .3% drop in costs in October. Used cars had a 1.1% decline in costs. Sporting goods also saw a 1.1% drop in October alone.
In the 12 months ending in October, commodities have seen a 5.1% increase.
The data shows that incomes have failed to keep pace with inflation. The BLS reports that average wages have increased by 4.7% in the last year.