October’s Consumer Price Index (CPI) report showed inflation remained steady month-over-month, and up only 3.2% for year-over-year while core inflation was up 0.2% month-over-month and 4% year-over-year. The report from the US Bureau of Labor Statistics also revealed that energy inflation was down 2.5% month-over-month and down 4.5% year-over-year. This was reflected in the national average gas prices which, as of November 14, was $3.35, according to AAA. Yahoo Finance Senior Business Reporter Ines Ferré joins Yahoo Finance to break down report and what all these numbers mean for consumers.
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Gas prices have fallen, but shelter costs prop inflation up

Gas prices have been on a downward trend in recent months, providing relief for many consumers who have been feeling the pinch at the pump. According to the American Automobile Association (AAA), the national average for a gallon of regular gas has dropped by 10 cents over the past month, bringing some much-needed relief for drivers.

This drop in gas prices is certainly welcome news for many households, especially as the cost of living continues to rise. However, while falling gas prices may provide some temporary relief, other expenses are on the rise, particularly when it comes to shelter costs.

The cost of shelter, which includes rent and mortgage payments, has been one of the main drivers of inflation in recent months. The increase in shelter costs has been attributed to a combination of factors, including a shortage of affordable housing, rising construction costs, and low inventory in the housing market.

In addition to shelter costs, other household expenses such as food and healthcare have also been on the rise, further contributing to inflation. As a result, even though gas prices have fallen, many consumers are still feeling the strain of rising costs in other areas of their budget.

The rise in shelter costs and other household expenses has led to concerns about the impact on consumer spending and overall economic growth. When consumers have to allocate more of their income towards essential expenses such as housing and healthcare, they have less disposable income to spend on other goods and services, which can have a dampening effect on the economy.

In light of these concerns, policymakers and economists are closely monitoring the inflationary pressures in the economy, particularly as the Federal Reserve considers the appropriate course of action for monetary policy. The central bank has signaled that it may need to raise interest rates in order to curb inflation, which could have implications for borrowing costs and overall economic activity.

While falling gas prices are certainly a welcome development for consumers, the broader trend of rising costs in other areas of the economy is a reminder that inflationary pressures are still present. As policymakers continue to assess the economic landscape, it remains to be seen how the balance between falling gas prices and rising shelter costs will ultimately unfold in the coming months.