U.S. consumer prices remain unchanged in October

The Labor Department announced on Thursday the U.S. consumer price index (CPI) was flat m-o-m in October after increasing 0.2 percent m-o-m in the previous month.

Over the last 12 months, the CPI increased 1.2 percent y-o-y last month, following an unrevised 1.4 percent m-o-m gain in the 12 months through September. This was the lowest reading since July.

Economists had forecast the CPI to edge up 0.1 percent m-o-m and to climb 1.3 percent y-o-y in the 12-month period.

According to the report, component indexes were mixed. The food index rose 0.2 percent m-o-m in October, while the energy index and the index for shelter both inched up 0.1 percent m-o-m. At the same time, the index for medical care posted a 0.4-percent m-o-m decrease.

The core CPI excluding volatile food and fuel costs also was unchanged m-o-m in October after an unrevised 0.2 percent m-o-m increase in the previous month.

In the 12 months through October, the core CPI surged 1.6 percent, following a 1.7 percent climb in the 12 months ending September.

Economists had forecast the core CPI to gain 0.2 percent m-o-m and to jump 1.8 percent y-o-y last month.