Here are a few measures of inflation:
The first graph is the one Fed Chair Powell had mentioned earlier when services less rent of shelter was up 7.6% year-over-year. This has fallen sharply and is now up 3.0% YoY.
This graph shows the YoY price change for Services and Services less rent of shelter through September 2023.
Services less rent of shelter was up 3.0% YoY in October, up from 2.8% YoY in September.
Commodities less food and energy commodities were unchanged YoY in October, unchanged from 0.0% YoY in September.
Shelter was up 6.7% year-over-year in October, down from 7.1% in September. Housing (PCE) was up 7.2% YoY in September, down from 7.4% in August.
The BLS noted this morning: “The index for shelter continued to rise in October”
Core CPI ex-shelter was up 2.0% YoY in October, up from 1.9% in September.