Inflation remains tame in October

NEW YORK (CNNMoney) -- Inflation remained tame in October, as gas prices fell during the month.

The Consumer Price Index, which measures a broad basket of consumer goods, showed prices rose 0.1% in October, according to the Bureau of Labor Statistics.

Year-over-year, prices were up 2.2%.

Falling gas prices were one of the biggest factors. At the end of October, the national average for a gallon of unleaded gas stood at $3.52, down 26 cents from the end of September, according to the AAA Fuel Gauge Report.

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Meanwhile, food prices rose 0.2% in October and are up 1.7% from a year earlier.

Economists often prefer to look at an inflation rate that strip out volatile gas and food prices. That measure, called core CPI, rose 0.2% in October.

Year-over-year, core CPI was up 2%, in line with the Federal Reserve's target for annual inflation.

Shelter prices, excluding energy, rose 0.3% in October, apparel prices rose 0.7% and the price of medical care was flat. Meanwhile, prices fell on both new and used vehicles.

First Published: November 15, 2012: 8:50 AM ET

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