US consumer prices unchanged in October, lowest in 5 months

U.S. consumer prices were unchanged in October, the lowest reading in five months and an indication that the price spike seen this summer is beginning to fade as coronavirus cases start to increase

U.S. consumer prices were unchanged in October, the lowest reading in five months and an indication that a price spike over the summer is beginning to fade as coronavirus cases begin to spread.

The Labor Department reported Thursday that the flat reading in October followed a gain of 0.2% in September. Core inflation, which excludes volatile food and energy costs also showed no changed in October, another indication that inflation remains well-behaved.

Over the past 12 months, overall inflation is up a moderate 1.2% while core inflation is up 1.6%. Both readings are well below the Federal Reserve's 2% target.

Used car prices which had been surging, retreated slightly in October, dropping 0.1% after a 6.7% jump n September which had been the largest one-month gain in 51 years.