The Consumer Price Index (CPI) rose 2.4% on a year-over-year basis in October, following a 2.2% increase in September. Month over month, the CPI increased 0.3%, with prices for airfares, passenger vehicles and travel tours accelerating the most.

Prices rose in all major components in the 12 months to October, with the transportation (+4.3%) and shelter (+2.5%) indexes contributing most to the increase. Gasoline prices rose 12.0% year over year in October, matching September's increase.

Prices for durable goods increased 0.9% in the 12 months to October. With lower rebates and more new model-year vehicles available, the purchase of passenger vehicles index rose 1.7% on a year-over-year basis, after increasing 0.6% in September.

The price of services rose 2.7% on a year-over-year basis in October. Prices for travel tours were up 3.0% on a year-over-year basis, after decreasing 4.4% in September. On a month-over-month basis, air transportation prices rose 4.6%. Mortgage interest costs increased 7.0% in the 12 months to October, reflecting interest rate increases in the past year.