October Consumer Price Index Rises 0.3%

The consumer price index rose 0.3% in October, the Labor Department said Wednesday.

The CPI increase followed a 0.2% increase in September while the so-called core CPI, which excludes food and energy, rose 0.2% in October, Labor said.

The October hike was higher than economists’ forecasts of a 0.2% increase, Bloomberg reported. Energy prices rose 1.5% in October.

The CPI is the government’s broadest gauge of costs for goods and services. Almost 60% of the CPI covers prices consumers pay for services.

If consumer prices are climbing, it could reflect an increase in demand for consumer goods, which increases the demand for trucking services.