U.S. Consumer Prices Rise 0.4% in October as Petrol Prices Ease
U.S. consumer prices rose 0.4 percent in October 2026, the Bureau of Labor Statistics reported, according to Al Jazeera. The increase was larger than the 0.2 percent the Federal Reserve Bank of Cleveland had forecast, and larger than the 0.3 percent that economists polled by FactSet had predicted.
The figure comes from the Consumer Price Index, a measure of the average change over time in the prices urban consumers pay for a market basket of goods and services. Prices have continued an upward trend since July 2026. The average cost of shelter and food rose again in October, according to the Bureau of Labor Statistics.
Fuel costs have moved in the other direction in recent weeks. The American Automobile Association said the average U.S. price of a gallon of petrol fell below $4 for the first time since July. The average stood at $3.98 as of November 10. A year earlier it was $3.07. On February 28, when the United States and Israel first struck Iran, it was $2.98.
Petrol prices have fallen to a four-month low as concerns about the long-term effects of the closure of the Strait of Hormuz, the narrow waterway through which oil is shipped from the Persian Gulf, have eased on global markets.
The moves come days after the midterm elections held on November 3, in which Republicans lost control of both the House of Representatives and the Senate. A Reuters/Ipsos poll taken before the vote found that 78 percent of voters called cost of living very important or the most important issue in deciding their vote. The same poll found 43 percent of voters favoured Democrats to handle the issue, against 32 percent for Republicans.
The same poll put approval of President Donald Trump's job performance at 32 percent, one point above the record low of 31 percent he had recorded the previous month. Republicans also lost seats in Texas and Kansas, states where they have typically won. Trump and Vice President JD Vance have acknowledged that the war on Iran played a part in the party's losses.
On November 9, Trump said that future military action against Tehran was unlikely, stating that Iran militarily is effectively over.
The next Consumer Price Index, covering November 2026, is scheduled for release on December 10, 2026, at 8:30 a.m. Eastern Time, according to the Bureau of Labor Statistics.
