Consumer Price Index: Difference between revisions

Expectations for October 2023 can be found [[Consumer Price Index:Historical Releases/2023 October|here]]   

Over the past 12 months, average hourly earnings have increased by 4.1 percent.

*In October, average hourly earnings for all employees on private nonfarm payrolls rose by 7 cents, or 0.2 percent, to $34.00.

 

*In October, average hourly earnings of private-sector production and nonsupervisory employees rose by 10 cents, or 0.3 percent, to $29.19.<ref name=":0">https://www.bls.gov/news.release/empsit.nr0.htm</ref>

* The GSCPI dropped to -1.74 in October, down from -0.70 in September (revised down from an initial reading of -0.69). <ref name=":23">https://www.newyorkfed.org/research/policy/gscpi#/interactive</ref>

*'''Before seasonal adjustment, the U.S. National Index,10-City and 20-City Composites, all posted a 0.4% month-over-month increase in August.''' After seasonal adjustment, the U.S. National Index posted a month-over-month increase of 0.9%, while the 10-City and 20-City Composites posted a 1.0% increase each.<ref>https://www.spglobal.com/spdji/en/index-announcements/article/sp-corelogic-case-shiller-index-continues-to-trend-upward-in-august/</ref>

*'''The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index reported a 2.6% annual change in August, up from a 1.0% change in the previous month.''' The 10-City Composite showed an increase of 3.0%, up from a 1.0% increase in the previous month. The 20-City Composite posted a year-over-year increase of 2.2%, a slight increase of 0.2% in the previous month.

*For this month, seven of 20 cities reported lower prices. Twelve of the 20 cities reported higher prices in the year ending August 2023 versus the year ending July 2023. Nineteen of the 20 cities show a positive trend in year-over-year price acceleration compared to the prior month.

* The '''FAO Food Price Index*''' (FFPI) averaged 120.6 points in October 2023, down 0.7 points (0.5 percent) from September, continuing the downward trend and standing 14.8 points (10.9 percent) below its corresponding value a year ago.

* The slight drop in October reflects declines in the price indices for sugar, cereals, vegetable oils and meat, while the index for dairy products rebounded.<ref name=":12">https://www.fao.org/worldfoodsituation/foodpricesindex/en/</ref>

* Oil prices declined on average 8.5% m/m in October 2023. And it had a 4% declined over october 2023. <ref name=":5">https://fred.stlouisfed.org/series/DCOILWTICO</ref>

* Gasoline prices went down -9.5% m/m, and -7.2y/y.  <ref name=":6">https://fred.stlouisfed.org/series/GASREGW</ref>

* Natural gas prices went up on average 13.1% m/m in september 2023, and -47.3% y/y. <ref name=":7">https://fred.stlouisfed.org/series/DHHNGSP</ref>

* Futures market is now pricing an increase in oil prices, at $77.78 at 2023 year end, and $74 for 2024.<ref name=":4222">https://www.cmegroup.com/markets/energy/crude-oil/light-sweet-crude.quotes.html</ref>