The Consumer Price Index, a measure of U.S. consumer goods and services, increased by 0.4% in October, compared to the same time last year, according to a federal government report released Tuesday.

The increase was slightly higher than Wall Street projected but lower than the 0.6% annualized increase in September.

The Bureau of Labor Statistics's Consumer Price Index Summary shows the index, or price, for shelter rose 0.3% in October, accounting for over 30% of the monthly all items increase. 

The food index increased 0.5%, as the food at home index rose 0.4% and the food away from home index increased 0.5%.

The index for energy increased 0.7% over the month following a 5.2% increase in September, the report also shows.