CPI shelter inflation heated up on a monthly basis in October, rising to 0.4% from 0.2% in September. Its annual inflation rate has declined to less than 5% from a peak of more than 8% in early 2023.

Inflation rate at 2.4% in September, topping expectations; jobless claims highest since August 2023 Here's the inflation breakdown for September 2024 — in one chart ...

Inflation has pulled back significantly from its pandemic-era peak of 9.1% in June 2022. It's moving toward policymakers' long-term annual target, near 2%.