Consumer prices rose faster than expected in October, the Labor Department reported Tuesday, even as gasoline prices fell below $4 a gallon nationwide for the first time in nearly four months, CBS News reported.
The Consumer Price Index rose 0.4% for the month, above the 0.3% forecast by economists polled by FactSet.
The Labor Department did not report a year-over-year inflation rate for October because the 2025 government shutdown left it without October 2025 price data for comparison, according to CBS News.
The report is one of the first snapshots of the economy since the midterm elections, which underscored voter frustration with the cost of living.
At the pump, AAA put the national average at $3.9788 a gallon Tuesday, down from $4.56 earlier this year. GasBuddy petroleum analyst Patrick De Haan predicts prices will keep easing into Thanksgiving.
Prices typically fall in autumn as stations switch from summer-blend fuel, required from June 1 to Sept. 15, to cheaper winter blends, and as demand drops. AAA says the seasonal drop is usually 10 to 30 cents a gallon.
Global oil prices have also slipped amid hopes for a U.S.-Iran deal to end the war, CBS News reported. Brent crude futures traded at $91.12 a barrel Tuesday morning.
Arizona drivers can compare local prices through AAA and GasBuddy.
Sources: CBS News, CBS News. Thee Arizona Times uses AI-assisted reporting reviewed against the sources listed.
Photo: Tysto / Public domain via Wikimedia Commons.
