Rising fuel prices hit consumers

November 18, 2009: 8:50 AM ET

NEW YORK (CNNMoney.com) -- Consumer prices in October were essentially unchanged from a year ago, the government reported Wednesday, as the rising cost of oil and gas offset price declines elsewhere.

The Consumer Price Index, the government's key inflation reading, is now down only 0.2% during the past 12 months compared to the same period a year ago. This is the smallest 12-month rate of decline since February.

The so-called core CPI, which is more closely watched by economists because it strips out volatile food and energy prices, is up 1.7% over the past year.

For the month, overall prices rose 0.3%. Economists surveyed by Briefing.com had forecast a 0.2% rise. A 6.3% rise in fuel prices helped feed the overall increase.

The core CPI rose just 0.2%, but that was higher than the forecast of a 0.1% increase.