Inflation Rose in October; Gas Prices Fall Below $4

Gas prices are falling across the U.S., with the national average dropping below $4 per gallon for the first time since early August. Prices declined most in New York, Pennsylvania, and Idaho, driven by lower crude costs and seasonal increases in fuel production as demand eases. Meanwhile, overall inflation rose 0.4% in October from the month before.

Which Costs Fell? In addition to gas, prices on used cars and trucks fell for the first time since June, and are down 3.3% year-over-year. 

Which Costs Rose? Other energy costs, like electricity, as well as food and transportation costs increased the most of all items in the Consumer Price Index (CPI) from September.

How the Media Covered It: Media on both the left and right expressed optimism about falling gas prices while focusing on other economic warning signs. NPR (Lean Left bias) highlighted the relief at the gas pump while noting that the cost of living "remains stubbornly high." New York Post (Right) wrote that the falling gas prices came "after President Trump signaled he's not planning to strike Iran anytime soon," while highlighting "stubbornly high" diesel prices, and noting that "economists have warned that higher diesel costs can easily bleed into the rest of the economy."

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