The consumer price index for October increased 7.7% from the previous year and increased 0.4% from September, the federal government said Thursday.
The figures come from the Bureau of Labor Statistics.
The CPI is a broad-based measure of goods and services costs.
Wall Street projected a 7.9% increase, compared to October 2021, and a 0.6% increase from September to October.
The year-over-year increase was the smallest since January.