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Footwear Prices Spike in October

Inflation rose last month, buoyed by sharp increases in the price of footwear and housing that more than offset declines in gasoline and automobiles.
The overall unadjusted consumer price index (CPI) increased 2.2% in October compared to the same month a year ago, up from September’s 2% increase.
The core inflation rate, which excludes food and energy, rose 2%, even with September’s increase. Although gasoline prices fell during the month of October, they remain well above last year’s levels.
The price index for apparel and footwear jumped by 3%, well above the overall inflation rate, and slightly above September’s 2.7% rise, due to increases in footwear prices.

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Footwear prices shot up 4.1% in October compared to a year ago, well above September’s 2.6% increase. Apparel prices (excluding footwear) increased by 2.7%, the same as last month.

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Within apparel, inflation varied by gender. Men’s apparel prices rose by only 1.9%, well below last month’s increase, while the women’s CPI edged up by 2.8%. Girls’ apparel prices rose by 6.6%, while boys’ increased by half that level, and infant and toddler apparel prices gained 5% in the month.

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