The Consumer Price Index for October 2010 increased 0.2% from last month. For the year, the Consumer Price Index for all Urban Consumers (CPI-U) has risen 1.2%. The increase this month was all gas. The energy index increased 2.6% with gas jumping 4.6% in a month. Core CPI, or all items less food and energy, was unchanged, 0.0%, now three months in a row. For the year, core CPI, or minus food and energy, is at a record low, going all the way back to 1957.

Inflation is clearly not here, with a record low in core CPI. That said, we saw what an oil bubble did to the economy in early 2008, so energy counts.

Over the last 12 months, the index for all items less food and energy has risen 0.6 percent, the smallest 12-month increase in the history of the index, which dates to 1957. The energy index has risen 5.9 percent over that span with the gasoline index up 9.5 percent. The food index has risen 1.4 percent, with both the food at home index and food away from home index rising the same 1.4 percent.

Below are gas prices, capturing the oil bubble in early 2008.

Of the categories that increased, beyond gas, in food, dairy increased 1.1%. Fuel oil went up 4.0%.

CPI-W for the month, unadjusted was 214.623. As previously analyzed, there will be no cost of living adjustment for social security and other government transfer payments. To read why there is no increase in payments for seniors, click here.

This report is from the BLS website. These numbers are for CPI-U, whereas the metric used to calculated social security and other government payments is CPI-W. F

Last month's CPI report overview is here.