The Consumer Price Index for All Urban Consumers (CPI-U) grew by 1.2% on a seasonally adjusted basis in March, reported the U.S. Bureau of Labor Statistics. Over the last 12-month period, before seasonal adjustment, the all items index rose by 8.5%.
“Increases in the indexes for gasoline, shelter, and food were the largest contributors to the seasonally adjusted all items increase. The gasoline index rose 18.3% in March and accounted for over half of the all items monthly increase; other energy component indexes also increased. The food index rose 1% and the food at home index rose 1.5%.
The index for all items less food and energy rose 0.3% in March following a 0.5% increase the prior month. The shelter index was by far the biggest factor in the increase, with a broad set of other indexes also contributing, including those for airline fares, household furnishings and operations, medical care, and motor vehicle insurance. In contrast, the index for used cars and trucks fell 3.8% over the month.
The all items index continued to accelerate, rising 8.5% for the 12 months ending March, the largest 12-month increase since the period ending December 1981. The all items less food and energy index rose 6.5%, the largest 12-month change since the period ending August 1982. The energy index rose 32% over the last year, and the food index increased 8.8 percent, the largest 12-month increase since the period ending May 1981,” explained the bureau in its monthly report.
(Source: U.S. Bureau of Labor Statistics)
Energy
In March, the index for energy leaped by 11%. The price of gas soared 18.3% after the 6.6% increase seen in February. The price of electricity rose 2.2%, and the natural gas index increased 0.6%.
Since this time last year, the index for energy soared by 32%. The price of gasoline surged 48%, with percentage increases for the index for natural gas rising 21.6%, and the electricity index increasing 11.1%.
Food
In March, the index for food rose 1%. The food at home index increased 1.5% for the month. Over the month, all six major grocery store food group indexes saw percentage increases, explained the bureau.
“The food at home index rose 10% over the last 12 months, the largest 12-month increase since the period ending March 1981. The index for meats, poultry, fish, and eggs increased 13.7% over the last year as the index for beef rose 16%. The other major grocery store food group indexes also rose over the past year, with increases ranging from 7% (dairy and related products) to 10.3% (other food at home).
The index for food away from home rose 6.9% over the last year, the largest 12-month increase since December 1981. The index for full-service meals rose 8% over the last 12 months, and the index for limited-service meals rose 7.2%. The index for food at employee sites and schools, in contrast, declined 30.5% over the past 12 months, reflecting widespread free lunch programs,” stated the Bureau of Labor Statistics.
(Source: U.S. Bureau of Labor Statistics)
All Items Less Food and Energy
The all items less food and energy index inched up 0.3% for March. The composite index largely responsible for the monthly increase was the shelter index, which saw a 0.5% rise. Both the indexes for rent and owners’ equivalent rent increased by 0.4%, respectively.
“The index for all items less food and energy rose 6.5% over the past 12 months, with virtually all of its major component indexes rising over the span. The shelter index rose 5% over the last 12 months, its largest 12-month increase since May 1991. The index for household furnishings and operations increased 10.1% over the past year, its largest 12-month increase since the period ending July 1975,” explained the bureau in its report.
Source cited: https://www.bls.gov/news.release/archives/cpi_04122022.htm
Sarah has been writing on the topics of politics, history and finance for over a decade. She is currently an editor at CPI Inflation Calculator, covering the topics of CPI, inflation, US economy and economic commentary.
