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Inflation, as measured by the Consumer Price Index for all Urban Consumers (CPI-U), rose 3.2 percent nationwide in the 12 months ending October ’23. On a monthly basis, U.S. consumer prices were flat in October. 

In Houston, prices rose 3.0 percent over the year but fell 0.3 percent for the two months ending October ’23. Prices for food, dining out, alcohol, natural gas, household furnishing, apparel, and “owners’ equivalent rent” rose over the two months.  The costs of electricity, gasoline, used cars and trucks, vehicle repairs, and medical care declined.

Nationwide, core inflation, which excludes volatile food and energy prices, rose 0.2 percent from August and 4.0 percent over the 12 months ending October ’23, the smallest change since September ’21. In Houston, core inflation fell 0.1 percent from August but was up 3.9 percent for the 12 months ending October ’23. 

The next release of national CPI data will be on Tuesday, December 12, 2023.

Prepared by Greater Houston Partnership Research

Patrick Jankowski, CERP
Chief Economist
Senior Vice President, Research
pjankowski@houston.org

Clara Richardson
Associate Analyst, Research
crichardson@houston.org