U.S. consumer prices rose 0.4 per cent in October, exceeding forecasts despite falling gasoline prices, Al Jazeera reported, citing figures released Tuesday by the U.S. Bureau of Labor Statistics.

The monthly increase in the all-items Consumer Price Index exceeded the 0.2 per cent forecast from the Federal Reserve Bank of Cleveland and the 0.3 per cent increase expected by economists polled by FactSet. Shelter and food costs also rose during the month.

The figures extended a run of price increases since July, even as drivers saw some relief at the pump.

According to American Automobile Association figures cited by Al Jazeera, the average U.S. gasoline price fell below US$4 a gallon for the first time since July. At US$3.98, however, it remained above the US$3.07 average recorded a year earlier.

Gasoline had averaged US$2.98 a gallon on Feb. 28, when the United States and Israel first struck Iran, the report said. Al Jazeera linked the recent decline in fuel prices to easing concerns about the long-term market effects of the Strait of Hormuz closure.

The latest inflation figures show that lower fuel costs have not been enough to offset increases elsewhere in household budgets.

Sources