Here’s the inflation breakdown for October 2022 — in one chart
People shop for bread at a supermarket in Monterey Park, California on Oct. 19, 2022.
Frederic J. Brown | Afp | Getty Images
Inflation was cooler than expected in October, although household staples such as shelter, food and energy remained among the largest contributors to consumer prices still rising at a historically fast pace, the U.S. Bureau of Labor Statistics said Thursday.
Inflation is a measure of how quickly the prices consumers pay for a broad range of goods and services are rising.
The consumer price index, a key inflation barometer, jumped by 7.7% in October relative to a year earlier — the smallest 12-month increase since January. Economists expected a 7.9% annual increase, according to Dow Jones. Basically, a basket of goods and services that cost $100 a year ago costs $107.70 today.
The annual rate is down from June’s 9.1% pandemic-era peak and September’s 8.2% reading, but is hovering near the highest levels since the early 1980s.
“That’s obviously still very high,” said Andrew Hunter, senior U.S. economist at Capital Economics, of October’s reading. “But at least it’s a move in the right direction.”
A decline in the annual inflation rate doesn’t mean prices fell for goods and services; it just means prices aren’t rising as quickly.
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While the headline annual reading is generally easier for consumers to understand, the monthly change is a more accurate gauge of near-term trends, i.e., if inflation is speeding up or slowing down, economists said.
The CPI rose 0.4% from September, according to the BLS. Economists expected a 0.6% monthly increase.
“For the past year to 18 months, we’ve seen a lot of 0.4%, 0.5%, 0.6%,” Hunter said. “It’s the reason annual inflation has been so high.”
Consistent monthly readings in the 0.2% range would suggest inflation was under control, he said.
The ‘pervasiveness’ of price increases
A healthy economy experiences a small degree of inflation each year. U.S. Federal Reserve officials aim to keep inflation around 2% annually.
But prices started rising at an unusually fast pace starting in early 2021, following years of low inflation.
As the U.S. economy reopened, a supply-demand imbalance fueled inflation that was initially limited to items such as used cars, but which has since spread and lingered longer than many officials and economists had expected.
“That’s the crux of the problem: the pervasiveness of inflation,” said Greg McBride, chief financial analyst at Bankrate.
Inflation was a top concern for voters heading into Tuesday’s midterm elections. An NBC News poll issued last weekend found 81% of respondents were either somewhat dissatisfied or very dissatisfied with the state of the economy — a level unseen since the 2010 midterms.
The typical U.S. household spends $445 more a month to buy the same items it did a year ago, according to an estimate from Moody’s Analytics based on September’s CPI report.
Meanwhile, pay for many workers hasn’t kept pace with inflation, translating to a loss of purchasing power. Hourly earnings have fallen 2.8% in the last year after accounting for inflation, according to the BLS.
Food, energy and housing are top contributors
Large and consistent price increases in food, energy and housing have been troubling, despite some recent improvement, McBride said.
They’re necessities that constitute a large share of household spending, making inflation “so problematic” for households, he said.
“You can’t go without eating, you can’t go without cooking or heating the house and you need a roof over your head,” McBride said. “Those are three categories that continue to drive these high levels of inflation.”
Housing represents the biggest share of average consumer budgets, accounting for 34% of household spending in 2021, according to the most recent U.S. Department of Labor data. Transportation, which includes gasoline, and food are No. 2 and No. 3, respectively, at 16% and 12%.
Any meaningful relief for household budgets is something that is still well over the horizon.
Greg McBride
chief financial analyst at Bankrate
Shelter prices increased in October, jumping 0.8% from September — the largest monthly increase in that category since August 1990, according to the BLS. The category is up 6.9% in the last year.
The “food at home” index — or grocery prices — jumped 12.4% in October versus the same time a year ago. That’s an improvement from 13.5% in August, which was the largest 12-month increase in more than 40 years, since 1979.
The energy category — which includes gasoline, fuel oil, natural gas and electricity — was up 17.6% last month relative to October 2021. That’s a decline from September’s 19.8%.
“Any meaningful relief for household budgets is something that is still well over the horizon,” McBride said.
Gasoline prices had been a primary irritant for many Americans earlier in the year. Prices at the pump have retreated from summer highs of more than $5 a gallon nationwide, but edged up slightly in the past week; they currently sit at an average $3.80 per gallon, per AAA.
‘We have a ways to go’
“Core” inflation — a measure that strips out food and energy costs, which can be volatile — is important in terms of predicting future inflation trends, economists said.
The measure gives a sense of how broad-based inflation has gotten. Core inflation was 6.6% in September, the largest 12-month increase since August 1982. Core inflation was up 6.3% in October over a year ago; the index rose 0.3% during the month versus 0.6% in September.
Shelter, which includes rent, was the “dominant factor” in monthly increase in “core” CPI, according to the BLS. It accounted for 40% of annual core inflation.
The CPI generally lags price dynamics in the broad housing market and likely isn’t an accurate present-day snapshot of shelter prices, economists said. Home sales and mortgage volumes have slowed significantly, leading some to declare the U.S. is in a housing recession.
Other “notable” increases in the past year include medical care (up 5%), household furnishings and operations (8.4%), new vehicles (8.4%), and personal care (6.4%), the BLS said.
Monthly increases came from shelter, motor vehicle insurance, recreation, new vehicles and personal care, according to the BLS. There were also some monthly declines: used cars and trucks, medical care, apparel and airfares, it added.
“Price pressures remain evident across a broad range of goods and services,” Jerome Powell, chairman of the Federal Reserve, said during a press conference Nov. 2.
The central bank has been raising borrowing costs aggressively to cool the economy and reduce inflation. Powell signaled that policy would likely continue for the foreseeable future.
“I would also say it’s premature to discuss pausing [interest-rate increases],” Powell said. “And it’s not something that we’re thinking about; that’s really not a conversation to be had now.”
“We have a ways to go.”
Inflation isn’t just a U.S. phenomenon
Inflation isn’t a problem in just the U.S. Indeed, it’s been worse elsewhere.
For example, consumers in the United Kingdom saw prices increase 10.1% annually in September, tying a 40-year high hit in July.
But on the global stage, inflation first showed up in the U.S., Hunter said. That’s partly due to Covid-related restrictions unwinding sooner in many states relative to the rest of the world and federal support for households kickstarting the economic recovery.
“The U.S. has been a leading indicator for what’s happened to inflation in other countries,” Hunter said.
Inflation is a global problem worsened by geopolitical factors such as the ongoing Russian invasion of Ukraine. Pictured: damage in Donetsk, Ukraine, on Nov. 5, 2022, after shelling.
Anadolu Agency | Anadolu Agency | Getty Images
Americans had more disposable income as the economy reopened, the result of federal funds such as stimulus checks and pent-up demand from staying at home. Meanwhile, Covid-19 lockdowns roiled global supply chains — meaning ample cash ran headlong into fewer goods to buy, driving up prices.
Those supply-chain issues are “only now beginning to unwind,” Hunter said. But higher labor costs — the result of ongoing worker shortages and wages that have risen near their fastest pace in decades — have led to upward pressure on the cost of services, too, he said.
Russia’s invasion of Ukraine also fueled a surge in commodity prices — for crude oil and grain, for example — which has fed into higher costs for gasoline and food, Hunter added.
High energy costs have broad ripple effects on other goods, which become more costly to produce and transport.
“I think this is something that will likely take much of 2023 to unfold, if we’re lucky,” McBride said.
After cutting prices on its top-selling electric vehicle by nearly $10,000 in the US, Hyundai is now bringing the savings to new markets. Hyundai is offering discounts of over $34,000 on some of its EVs overseas.
Hyundai is discounting EVs in the US and overseas
Last week, Hyundai announced it was reducing prices on the 2026 IONIQ 5 by up to $9,800 in the US. The 2026 IONIQ 5 starts at just $35,000, making it one of the most affordable EVs available alongside the Chevy Equinox EV and the Nissan LEAF.
Hyundai said the generous EV discounts reflected its “commitment to affordability” as part of its long-term strategy.
Record vehicle sales and higher output at its new EV plant in Georgia are helping reduce costs, which the company said it’s now passing on to buyers.
The massive EV discounts are starting to pile up after Hyundai cut prices in another market on Tuesday. After launching a series of special offers in Australia on Tuesday, Hyundai is discounting some of its EVs by more than $34,000.
According to TheDriven, Hyundai reduced prices on select IONIQ 5, IONIQ 6, Inster EV, and Kona Electric models by up to $34,142.
Hyundai’s most affordable electric car, the Inster (which is sadly not sold in the US), received a $3,925 price reduction, and now starts at under $40,000 for the first time.
The IONIQ 6 is heavily discounted, with up to $34,142 off the driveway price on 2023 model year inventory. Hyundai has also reduced the prices of the IONIQ 5 by nearly $10,000. As the report points out, the savings are based on the driveway prices in NSW, which are available nationally.
Although Hyundai’s price cuts in the US were in response to the $7,500 federal EV tax credit expiring, the discounts in Australia come as demand for electric cars is at an all-time high. In September, electric vehicles accounted for 11.3% of new car sales.
In the US, Hyundai is still offering a $7,500 cash incentive for 2025 IONIQ 5 models until at least the end of October.
| 2025 Hyundai IONIQ 5 Trim | Driving Range (miles) | 2025 Starting Price | 2026 Starting Price* | Price Reduction | Monthly lease cost (October 2025) |
| IONIQ 5 SE RWD Standard Range | 245 | $42,600 | $35,000 | ($7,600) | $249 |
| IONIQ 5 SE RWD | 318 | $46,650 | $37,500 | ($9,150) | $259 |
| IONIQ 5 SEL RWD | 318 | $49,600 | $39,800 | ($9,800) | $299 |
| IONIQ 5 Limited RWD | 318 | $54,300 | $45,075 | ($9,225) | $369 |
| IONIQ 5 SE Dual Motor AWD | 290 | $50,150 | $41,000 | ($9,150) | $309 |
| IONIQ 5 SEL Dual Motor AWD | 290 | $53,100 | $43,300 | ($9,800) | $349 |
| IONIQ 5 XRT Dual Motor AWD | 259 | $55,500 | $46,275 | ($9,225) | $379 |
| IONIQ 5 Limited Dual Motor AWD | 269 | $58,200 | $48,975 | ($9,225) | $419 |
The 2025 Hyundai IONIQ 5 Standard Range starts at $42,600, while the 2026 model year is priced from just $35,000.
Although it was already one of the most affordable EVs on the market, the IONIQ 5 is hard to pass up with leases starting at just $249 per month in the US. For $10 more per month ($259), you can upgrade to the long-range SE RWD trim, which offers a range of up to 318 miles.
Curious what Hyundai’s electric SUV feels like to drive? You can find available IONIQ 5 models near you through our trusted partner.
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Northern Illinois utility ComEd has spent for than $100 million in EV and EV charging rebates since launch its Beneficial Electrification program in 2024 — an investment that, along with funding from the Illinois EPA and other Federal grants, has helped drive EV adoption in the state at a rate that’s rapidly outpaced the rest of the nation.
Since its launch in 2024, ComEd’s Beneficial Electrification (BE) Plan has supported the deployment of more than 7,200 electric vehicle charging ports and over 2,200 EVs registered to business and public sector commercial customers.
The company, part of the larger Exelon utility group) has also announced plans to invest an additional $168 million of EV and charging infrastructure investments between 2026 and ’28. The target is both in line with Illinois’ clean transportation goals and which will generate a real, objective reduction in air pollution — a goal that (one would hope) transcends political affiliations.
“Reducing emissions from vehicles is one of the most effective and important things we can do to improve air quality and public health,” explains Rob Anderson, President and CEO of Respiratory Health Association. “As we have seen the ending of federal funding support for this effort, ComEd’s continued commitment of transportation electrification rebates is leading the way for our shared goal of eliminating pollution and creating cleaner air for all of our communities across northern Illinois.”
Building on the $231 million investment from 2023 through 2025, the additional $168 million will assist both residential and non-residential customers transition to EVs. The company also places an emphasis on equity, with 80% of the rebates from its over 6,400 projects going to low-income business and public sector organizations serving low-income and Equity Investment Eligible Communities (EIECs).
The ComEd rebates support the goals of Illinois’ Climate and Equitable Jobs Act (CEJA), which was signed into law by Governor J.B. Pritzker in 2021 to combat climate change and promote beneficial electrification across the state. CEJA also has the goal of putting 1 million EVs on Illinois roads by 2030, and ComEd certainly has role to play there, as 90% of the 150,000 EVs registered in Illinois operate within its service territory (that’s up from 19,000 EVs in 2019).
Electrek’s Take
While President Trump was running for re-election, he campaigned on the threat promise of canceling the $7,500 federal tax credit for EVs — a campaign promise he kept as recently as September 30th. That wasn’t the end of the road for EVs, however.
Along with California Governor Gavin Newsom, Illinois’ Governor JB Pritzker made countermoves – launching a $4,000 rebate for new electric cars and up to $1,500 for the purchase of a new electric motorcycle. More recently, some clever accounting from the folks at GM and Ford are keeping the $7,500 lease credit alive, and other companies like Hyundai and Toyota are simply reducing the asking price on their EVs.
It seems to me like there’s plenty of life in EVs, yet.
SOURCE | IMAGES: ComEd; via LinkedIn.
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Environment
Prime Day Green Deals hub – EVs, power stations, electric tools, eco-friendly appliances, more
Amazon’s Prime Big Deal Days event has officially kicked off and will be running through October 8 with some of the best deals of the year on eco-friendly tech. We’ve got another large collection of Green Deals during this two-day period, which we’ve collected the best of and curated into this one-stop shopping hub that will continue to be updated through the week. You’ll find the best of these ongoing seasonal deals on power stations/solar generators, EVs of various kinds, electric tools, and other eco-friendly appliances and smart devices.
October Prime Big Deal Days 2025 Green Deals
Prime Day Power Station Green Deals
- EcoFlow’s Prime Day Sale increases power station discounts up to 65% with bonus savings, free gifts, and more from $169
- EcoFlow launches new DELTA 3 Max and Ultra power stations with up to $2,000 in savings + FREE gear starting from $759
- Save up to 65% on power stations during Anker’s SOLIX Prime Day Sale with extra savings, free gifts, and more from $299
- Prime Day offers another chance to pick up the Anker PowerCore Reserve 60,000mAh station at $80 (Reg. $150)
- Jackery’s Prime Day sale drops Explorer 1000 v2 with 200W panel to $649 (50% off) + free bundle offer, more from $129
- Score $1,600 in exclusive savings on Jackery’s Explorer 3000 v2 (HomePower 3000) LiFePO4 station at a new $899 low
- Jackery launches its new compact Explorer 240D 256Wh power station at Amazon with first savings from $139 (Reg. $209)
- Bluetti takes up to 63% off power stations and bundles in its Prime Day Sale + select exclusive savings – all from $329
- Power your mobile life through Bluetti’s new RVSolar power system bundles with exclusive savings from $2,519 (Reg. $3,699+)
- Autel’s new Home 3000 portable 3,072Wh LiFePO4 power station with an AI voice assistant hits a new $1,659 low ($400 off)
- UGREEN’s 5-port Nexode 48,000mAh power station with 300W charging speeds returns to $102 (Reg. up to $170), more
Prime Day EV Green Deals
- Letric Better-Than-Prime Sale with up to $694 in FREE gear on models from $999
- Rad Power’s Haul-o-ween Sale offers up to $210 in FREE cargo or starter gear with new and legacy e-bikes starting from $1,399
- Segway’s new E3 Pro electric scooter with dual suspension, regen brakes, Apple Find My, and 34-mile range launches at $600 (Reg. $700)
- Save $500 on Aventon e-bikes, with the all-terrain Aventure 2 back at its $1,499 annual low (Reg. $1,999), more
- Heybike’s Prime Fall Sale drops the ALPHA all-terrain mid-drive e-bike to a new $1,399 low (Save $300), more from $899
- Heybike’s Hauler cargo e-bike with a 440-pound carrying capacity and multi-battery options hits new lows from $899
- Heybike’s premium Hero carbon fiber mid-drive and rear hub all-terrain e-bikes at new lows from $2,099
- Navee’s Autumn Sale increases EV savings for Prime Day, with its flagship ST3 Pro dropping to $710 (Reg. $950), more
- Get up to 50A charging speeds with Autel’s MaxiCharger AC Lite level 2 EV station at $455 (Reg. $569)
- Bring home Autel’s 40A MaxiCharger AC Lite level 2 EV charging station with an AI voice assistant for $379 (Reg. $470)
- Velotric’s Prime Fall Sale offers up to $670 savings and select FREE gear on e-bikes starting from $1,299
- Hiboy launches new EX9 urban commuter e-bike with dual-sided torque sensors and 62-mile range at $1,200 (Reg. $2,000)
- EcoFlow’s PowerPulse level 2 40A EV charger integrates with home backup setups at a $699 low (Reg. $899), bundles from $2,199
- Get a charge anywhere with Schumacher’s latest 12A level 1 portable EV charger at $128 (Reg. $160)
Prime Day Garden and Lawn Care Green Deals
Prime Day Appliance and Device Green Deals
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