Inflation remained elevated in October, CPI report shows

Updated on: November 10, 2026 / 8:50 AM EST / CBS News Add CBS News on Google Consumer prices rose more than economists expected in October on a monthly basis, offering little relief to Americans grappling with high living costs.The Consumer Price Index, which tracks changes in prices over time, rose at a monthly pace of 0.4%, the Labor Department reported on Tuesday. Economists polled by FactSet predicted that the CPI would rise at a monthly pace of 0.3%.By the numbersThe Labor Department did not report a year-over-year inflation rate for October 2026 because the 2025 government shutdown left it without October 2025 consumer price data for comparison.Shelter costs, which rose 0.3% in October, accounted for more than 30% of the monthly all-items increase, the Labor Department said.Energy costs, which have surged due to the Iran war, contributed less to the monthly rise in inflation than in past reports. Energy prices rose 0.7% in October, compared to 5.2% in September. Gas prices have been falling for weeks as stations switch to cheaper winter blend and people pull back from summer travel. Global oil costs, the main factor in setting prices at the pump, have also dipped amid hopes that the midterm elections could open the door to a deal between the U.S. and Iran to end the war.On Tuesday, the national average prices for gasoline dipped below $4 a gallon for the first time in nearly four months, according to AAA.The October inflation data is one of the first snapshots of the economy following the midterm elections, which underscored Americans' frustration with high prices. Edited by Aimee Picchi In: Iran Consumer Price Index Inflation