8 Strange Things in Today’s Inflation Report

While consumer prices declined more than expected in October, there were some odd parts of the inflation report that stood out more than others.

The consumer price index climbed 3.2% in October from the previous year, which was a decline from September’s 3.7% increase. Growth from the prior month was flat, the Bureau of Labor Statistics said on Tuesday. Economists surveyed by FactSet were expecting gains of 3.3% for the year and 0.1% for the month.

“We need to see more months with soft inflation data, but the stock and bond market is celebrating today. We’re set up nicely for a year-end rally,” Gina Bolvin, president of Bolvin Wealth Management Group, wrote on Tuesday. The Dow Jones Industrial Average rose 461 points, or 1.3%. The S&P 500 gained 1.8% while the Nasdaq Composite jumped 2.1%.

Many investors and economists are focusing on data points such as how the gasoline index decreased from September, or how shelter costs increased. But digging deeper into the report provides some interesting—and arguably strange—details of prices that have changed drastically in the past month.

Overall food prices increased 0.3% in October from September. While that number might not be too noteworthy, there were certain food items that stuck out. For one, the price of uncooked beef roasts increased 4.1% from the previous month, while the cost of pork chops rose 3.5%. According to reports from the Agriculture Department, total cattle and hog inventory has been declining in recent months.

But while beef roasts and pork chops cost more for the American consumer, prices for apples dropped a whopping 7.9% in October from September.

It wasn’t only food that had some funky results. The prices of laundry equipment declined 5% in the month while photographic equipment and supplies increased 6.8%.

For sports fans, admission prices for sporting events jumped 3.6% from the previous month.

“These are things that could be affected by seasonal factors,” Raymond James’ Chief Economist Eugenio Aleman tells Barron’s. The National Hockey League began its regular season schedule on Oct. 10 while the National Basketball Association began its season on Oct. 24.

For people who are looking to buy their loved one a new jacket for the holiday season, women’s outerwear prices dropped 5.9%. But wrapping that coat will cost more as the price of stationary, stationary supplies, and gift wraps was up 3.5%.

Aleman said that these individual items—while interesting outliers—aren’t heavily weighted when looking at the total report.

“There are some of these items that are so small in the overall CPI that basically it’s probably not affecting much of the direction of the overall core CPI,” Aleman said.

Even if these items aren’t heavily weighted against the total inflation outcome, consumers are sure to notice these changes as they head into stores during the holiday season.