National Economic Council Director Kevin Hassett said energy costs were adding to U.S. inflation pressure as the U.S. Bureau of Labor Statistics (BLS) reported consumer prices rose 0.4% in October.
The monthly increase was slower than September’s 0.6% rise. Prices excluding food and energy advanced 0.3% for a third consecutive month, according to the October consumer price report.
In a Nov. 10 interview with Fox Business, Hassett called the release a “disappointing report.” Hassett said the annualized core rate dipped to 1.5% during the summer and increased over the next three months.
Hassett cited annual increases of 20% in the consumer price index’s energy component and 37% in gasoline, saying energy costs were putting pressure on prices beyond fuel. He credited lower drug prices and other favorable trends with restraining inflation earlier in the year, while saying higher energy costs were eroding that relief.
The BLS is scheduled to publish its next inflation report on Dec. 10.
