U.S. consumer prices rose 0.4% in October from September, while a missing annual comparison left less context for the inflation picture as Chicago Fed President Austan Goolsbee warned about services prices.
The seasonally adjusted Consumer Price Index for All Urban Consumers (CPI-U) rose at that pace after a 0.6% gain in September, the U.S. Bureau of Labor Statistics (BLS) said. Its measure excluding food and energy increased 0.3% for a third month in a row. Shelter prices were up 0.3%, making up more than 30% of the total monthly advance; food rose 0.5% and energy gained 0.7%.
An annual all-items comparison for October was not available. BLS said the funding lapse prevented it from gathering October 2025 survey data, leaving the agency without the prior-year readings needed to calculate a 12-month change for October 2026. The Associated Press reported that the monthly headline and core readings each came in 0.1 percentage point above forecasts.
In a PBS NewsHour interview dated Nov. 10, Goolsbee said services inflation “is not coming down” and called the report “borderline disturbing.” He cited oil prices, tariffs and construction demand from AI data centers as price pressures. He also said families have difficulty cutting food and housing expenses, while higher interest rates affect business investment. Before the release, Goolsbee had raised similar concerns about services inflation and AI data-center demand.
Goolsbee said earlier supply-chain disruptions lasted longer than expected and described interest rates as the Fed’s main tool for cooling inflation. The Fed’s longer-run 2% inflation goal is measured by annual changes in the Personal Consumption Expenditures (PCE) price index, a gauge distinct from CPI. Asked about future policy choices, he did not signal a move, saying “everything is always on the table.”
The Federal Open Market Committee’s next scheduled meeting is Dec. 8-9. The November CPI report is scheduled for Dec. 10 at 8:30 a.m. ET (13:30 UTC).
