Hassett calls October CPI 'disappointing' as inflation beats forecasts

National Economic Council Director Kevin Hassett told Fox Business on Tuesday that the latest Consumer Price Index reading was a letdown, warning that price growth has picked up speed. According to the BLS, October headline inflation came in at 0.4% month over month, while core inflation, which strips out food and energy, hit 0.3%. Both topped what analysts had penciled in.

The monthly figure did ease from September's 0.6% rise, but Hassett's complaint was about the trend. The energy index climbed 0.7% in October, and Hassett told Fox Business that energy prices are up 20% year over year while gasoline is up 37%.

The report came with an unusual hole. It carried no standard 12-month inflation rate because last year's federal government shutdown stopped the BLS from collecting price data during October 2025, the bureau said.

Hassett framed the pain as spreading beyond the pump. He said the spillover from higher energy costs is now clearly visible across the data, adding that things have accelerated over the past three months.