The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.2 percent in February on a seasonally adjusted basis, the U.S. Bureau of Labor Statistics reported today. Over the last 12 months, the all items index was unchanged before seasonal adjustment.
The seasonally adjusted increase in the all items index was broad-based, with increases in shelter, energy, and food indexes all contributing. The energy index rose after a long series of declines, increasing 1.0 percent as the gasoline index turned up after falling in recent months. The food index, unchanged last month, also rose in February, though major grocery store food group indexes were mixed.
The index for all items less food and energy rose 0.2 percent in February, the same increase as in January. In addition to shelter, the indexes for used cars and trucks, apparel, new vehicles, tobacco, and airline fares were among those that increased. The medical care index was unchanged, while the personal care index declined.
The all items index was unchanged over the past 12 months, after showing a 0.1-percent decline for the 12 months ending January. Over the last 12 months the food index rose 3.0 percent and the index for all items less food and energy increased 1.7 percent. These increases were offset by an 18.8-percent decline in the energy index.
Food
The food index increased 0.2 percent in February. The index for food at home, which declined in January, rose 0.1 percent in February. Major grocery store food group indexes were split, with three increases and three declines. The index for nonalcoholic beverages increased 0.6 percent in February, its largest increase since September 2012. The index for other food at home, which declined in January, rose 0.5 percent in February. Also turning up in February was the index for meats, poultry, fish, and eggs, which rose 0.3 percent after declining slightly the prior month. The index for beef and veal rose 0.7 percent, its thirteenth consecutive increase. In contrast to these increases, the index for dairy and related products continued to fall, declining 1.0 percent after a 0.9-percent decrease the previous month. The index for fruits
and vegetables declined 0.3 percent; the fresh fruits index rose 0.6 percent but the index for fresh vegetables declined 2.0 percent. The index for cereals and bakery products, whi ch rose in January, declined 0.2 percent in February. The index for food at home has risen 2.9 percent over the past year, with all six of the major grocery store food group indexes increasing over the span. The index for food away from home increased 0.3 percent in February and has risen 3.1 percent over the last 12 months.
Energy
The energy index rose 1.0 percent in February, ending a series of seven consecutive declines. The gasoline index turned up after a series of sharp declines, rising 2.4 percent. (Before seasonal adjustment, gasoline prices rose 5.3 percent in February.) The fuel oil index also increased after recent declines, rising 1.9 percent. The electricity index rose 0.3 percent in February after a 0.9-percent increase in January. The only major energy component index to fall in February was natural gas, which declined 2.0 percent following a 3.4-percent decrease the prior month. Despite the February increases, the gasoline and fuel oil indexes have declined sharply over the past year, falling 32.8 percent and 31.2 percent, respectively. The index for natural gas has also declined over the past year, falling 6.5 percent, but the electricity index has increased 3.2 percent.
All items less food and energy
The index for all items less food and energy increased 0.2 percent in February. The shelter index increased 0.2 percent and accounted for about two-thirds of the monthly increase in the all items less food and energy index. The index for rent increased 0.3 percent, while the index for owners’ equivalent rent rose 0.2 percent. The index for lodging away from home declined 0.5 percent after rising in January. The index for used cars and trucks turned up in February, rising 1.0 percent after declining in each of the four previous months. The apparel index rose 0.3 percent in February, the same increase as in January. The index for new vehicles advanced 0.2 percent, as did the index for airline fares, while the tobacco index rose 0.5 percent. The index for medical care was unchanged in February. The index for medical care commodities rose 0.7 percent, as the index for prescription drugs increased 0.6 percent. However, the index for medical care services declined 0.2 percent, its first decline since November 1975. The indexes for physicians’ services and hospital services both decreased. The index for personal care, which rose in January, fell 0.4 percent in February.
The index for all items less food and energy has risen 1.7 percent over the past 12 months. The 12-month change has remained in a range of 1.6 percent to 2.3 percent since June 2011. Indexes that have risen over the past 12 months include shelter, medical care, and new vehicles. Among the indexes that have declined are those for airline fares, used cars and trucks, and apparel.
Not seasonally adjusted CPI measures
The Consumer Price Index for All Urban Consumers (CPI-U) was virtually unchanged over the last 12 months; the February 2015 index level was 234.722 (1982-84=100). For the month, the index rose 0.4 percent prior to seasonal adjustment.
The Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) decreased 0.6 percent over the last 12 months to an index level of 229.421 (1982-84=100). For the month, the index rose 0.5 percent prior to seasonal adjustment.
The Chained Consumer Price Index for All Urban Consumers (C-CPI-U) decreased 0.5 percent over the last 12 months. For the month, the index rose 0.5 percent on a not seasonally adjusted basis. Please note that the indexes for the past 10 to 12 months are subject to revision.
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