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.
On today’s budget-conscious episode of Quick Charge, we’re building up to the reveal of a new, more affordable Tesla Model Y tomorrow that will almost definitely not be a cheap pile of misaligned plastic body parts with inconsistent panel gaps that’s utterly incapable of turning the tide on Tesla’s global decline.
Plus, we’ve got news that Tesla is in hot water with California over its alleged mishandling of its insurance business, revisit the lies told about Cybertrucks drag racing Teslas, and look at the incredible 110% increase in EV sales over at GM that’s driving Cadillac’s renaissance.
Today’s episode is brought to you by Climate XChange, a nonpartisan nonprofit working to help states pass effective, equitable climate policies. The nonprofit just kicked off its 10th annual EV raffle, where participants have multiple opportunities to win their dream model. Visit the site at CarbonRaffle.org/Electrek to learn more.
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Waev Inc. has just unveiled the GEM eX, a new electric utility vehicle designed to bridge the gap between street-legal low-speed vehicles (LSVs) and true off-road work machines. The company calls it the most versatile electric work UTV yet.
Unlike most golf cart–based UTVs or high-speed recreational rigs, the GEM eX is purpose-built for commercial, industrial, and government fleets that need to move between city streets, job sites, and rough terrain, all while staying emissions-free.
The vehicle features a top speed of 25 mph (40 km/h) and is said to be DOT street-legal as an LSV on roads up to 35 mph (56 km/h), giving it a clear advantage over most off-road-only competitors.
Power is provided by a 6.5 kW motor in a rear-wheel drive setup with a limited-slip rear differential. An 8 kWh battery provides enough juice for a claimed maximum range of 85 miles (137 km).
The eX comes with several fleet-focused safety and utility upgrades, including 3-point seat belts, roof crush protection, backup camera, mirrors, pedestrian noise emitter, and a robust bumper system. It rolls on street, winter, or all-terrain tires, and the chassis features 9.5 inches (24 cm) of ground clearance, 6.5 inches (16.5 cm) of suspension travel, and a 50-degree approach angle for climbing curbs or crossing uneven work terrain.
Hill-hold assist and single-pedal descent control make it easy to handle on slopes, while a limited-slip differential helps maintain traction without chewing up turf.
In the back, a 1,250 lb (567 kg) composite dump box can fit a full-sized pallet and comes with gas-assist or electric lift options, while towing capacity matches that at 1,250 lb (567 kg). Optional hard doors, roll-down windows, and HVAC with heat and A/C turn it into a true all-weather workhorse.
The lithium iron phosphate battery pack is said to provide a long lifespan for extra durability in extreme climates from –20°F to 140°F (–29°C to 60°C). Charging is flexible via 120V, 240V, or J1772 public stations, and Waev backs the battery with a 7-year warranty – on par with many passenger EVs.
“We field-tested the GEM eX everywhere from Arizona deserts to Minnesota winters,” said Sven Etzelsberger, Waev’s Director of Engineering. “Every piece of customer feedback went back into this vehicle. The result is a work UTV that’s refined, reliable, and ready to go.”
The GEM platform has expanded significantly over the years, from its humble beginnings as a simple people mover to more recent adaptations into everything from ambulances and emergency vehicles to the new GEM eX electric UTV.
Priced at $24,955, the higher purchase price may be one of the few downsides to the quieter, cleaner, and easier to maintain alternative to traditional gasoline-powered UTVs.
Electrek’s Take
Waev’s new GEM eX seems to hit a sweet spot that’s been missing – a street-legal, electric work UTV tough enough for real jobs yet affordable and easy to maintain. For fleet managers juggling both paved and off-road environments, this could be a serious game-changer.
While the price is high, it comes in at significantly less than other well-known models like Polaris’ Zero-powered electric RANGER UTV.
At the same time, there are still more affordable options like those from KANDI that offer more power for a lower price. However, without GEM’s storied brand legacy and increased national support, cheaper options may not have the staying power to compete.
So sure, it’s expensive, but at least I’m glad to see more options coming to the market, especially from brands that have been around for years. Here’s to hoping for more affordable options in the future.
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Solar and wind power aren’t just keeping up with global electricity demand anymore – they’re pulling ahead. According to a new analysis from energy think tank Ember, solar and wind combined outpaced global electricity demand growth in the first half of 2025. That shift led to a drop in both coal and gas generation compared to the same period last year. For the first time ever, renewables generated more power than coal globally.
“We’re seeing the first signs of a crucial turning point,” said Małgorzata Wiatros-Motyka, senior electricity analyst at Ember. “Solar and wind are now growing fast enough to meet the world’s growing appetite for electricity. This marks the beginning of a shift where clean power is keeping pace with demand growth.”
Solar leads the charge
Global electricity demand rose 2.6% in the first half of 2025 – an additional 369 terawatt-hours (TWh) year-over-year. Solar met a stunning 83% of that increase, growing by 306 TWh, or 31% year-over-year. Combined with steady wind expansion, renewables were able to meet rising demand and start displacing fossil fuels.
Coal generation fell 0.6% (-31 TWh), gas dropped 0.2% (-6 TWh), and overall fossil generation declined 0.3% (-27 TWh). As a result, global power sector emissions fell by 0.2%.
Renewables supplied 5,072 TWh of electricity in the first half of 2025 – up from 4,709 TWh a year earlier. Coal, by comparison, generated 4,896 TWh, down 31 TWh year-over-year. It’s the first time on record that clean energy has overtaken coal.
A global turning point
Ember’s analysis shows this is more than a blip. Solar and wind are now growing fast enough to meet new demand and begin cutting into fossil generation. As deployment accelerates, Ember expects clean power to outstrip demand growth for longer stretches, pushing fossil fuels into permanent decline.
But progress isn’t uniform across the globe. Among the world’s four biggest power markets – China, India, the US, and the EU – two saw fossil generation fall, while two saw it rise.
China remains the global clean energy powerhouse, adding more solar and wind capacity than the rest of the world combined. Its fossil generation fell 2% (-58.7 TWh) in the first half of 2025.
In India, clean power growth outpaced demand threefold. With electricity demand rising just 1.3% (+12 TWh) – far below the 9% surge seen last year – fossil generation dropped sharply: coal fell 3.1% (-22 TWh) and gas plunged 34% (-7.1 TWh).
In contrast, fossil generation rose in the US and EU. In the US, demand grew faster than renewables could keep up, leading to higher fossil fuel output. In the EU, weaker wind and hydro performance meant more gas and coal were needed to fill the gap.
What comes next
With half the world already past the peak of fossil fuel generation, Ember says the trend is clear: Clean power can keep up with rising electricity demand. But to lock in progress, deployment of solar, wind, and batteries needs to accelerate.
“Solar and wind are no longer marginal technologies – they’re driving the global power system forward,” said Sonia Dunlop, CEO of the Global Solar Council. “The fact that renewables have overtaken coal for the first time marks a historic shift. But to secure it, governments and industry must step up investment in clean energy and storage so affordable, reliable power reaches everyone.”
Ember’s Wiatros-Motyka added, “With technology costs continuing to fall, now is the perfect moment to embrace the economic, social, and health benefits that come with increased solar, wind, and batteries.”
Read more: FERC: Solar + wind made up 90% of new US power generating capacity to July 2025
The 30% federal solar tax credit is ending this year. If you’ve ever considered going solar, now’s the time to act. To make sure you find a trusted, reliable solar installer near you that offers competitive pricing, check out EnergySage, a free service that makes it easy for you to go solar. It has hundreds of pre-vetted solar installers competing for your business, ensuring you get high-quality solutions and save 20-30% compared to going it alone. Plus, it’s free to use, and you won’t get sales calls until you select an installer and share your phone number with them.
Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisors to help you every step of the way. Get started here.
FTC: We use income earning auto affiliate links. More.
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