Grocery prices spiked in October, thanks to soaring diesel fuel costs

CINCINNATI — Some good news when it comes to inflation: after two months of gas prices over $4 per gallon and diesel fuel over $6, those prices are now falling quickly. Thanks to reduced fall driving and Iran war fears easing after the election, gas prices are down 40 cents a gallon in many areas in November. That is much-needed relief for drivers. Unfortunately, the impact of those high fuel prices is now showing up in stores. The government's October Consumer Price Index shows inflation ticking up 0.4% for the month, higher than expectations. That means the inflation rate is still running hot, and over 3% on an annual basis. Food and housing costs took the biggest jump in this most recent report. What grocery items are costing more The CPI food index jumped 0.5% in October, after being flat most of the year. CNBC broke down the items hit hardest by increasing shopping costs. Lettuce was up 7.9% for the month. That was directly impacted by high diesel prices, due to the short shelf life of lettuce Cake and donuts were up 3.5% Juices and drinks were up 2.2% Beef, already at record-high prices, was up 0.9% (nearly 1%) for the month Chicken, fish and eggs were up 0.5% Restaurant food prices were up as well, rising 0.7% in October. The October numbers do not give an annual inflation rate, due to the government shutdown last October. However, a report in Yahoo Finance says that, looking at just the monthly numbers, that would be a yearly inflation rate of almost 4%, far above the Federal Reserve's target rate of 2%. As always, don't waste your money. ______________________________________ "Don't Waste Your Money" is a registered trademark of Scripps Media, Inc. ("Scripps"). Follow John: Facebook: John Matarese Money Instagram: @johnmataresemoney X/Twitter: @JohnMatarese Follow Taylor: Facebook: Taylor Nimmo Instagram: @tnimms X/Twitter: @tnimms For more consumer news and money saving advice, go to www.dontwasteyourmoney.com More Don't Waste Your Money news: Where to save on groceries this week in the Tri-State Holiday airfare hack: Why two one-way tickets could cost less Maysville woman hit with a $700+ phone bill after Verizon switch