The US Bureau of Labor Statistics reported that the Consumer Price Index for All Urban Consumers (CPI-U) in October remained the same on a seasonally adjusted basis. In September, the CPI had edged up 0.2%.
Before seasonal adjustment, the all items index increased by 1.2% over the past 12 month period.
(Source: US Bureau of Labor Statistics)
Food Index
The index for food increased 0.2% after remained the same for the month of September. The food at home index rose 0.1%, with four of the six major grocery store group indexes seeing percentage increases.
“The index for meat, poultry, fish, and eggs increased 0.4 percent in October following a 0.4-percent decrease in September. The indexes for other food at home and for cereals and bakery products both rose 0.3 percent in October, while the index for fruits and vegetables increased 0.1 percent,” explained the bureau.
Over the past 12 month span, the index for food at home index increased 4%. All six major grocery store group indexes saw percentage increases since this time last year. Moreover, the food away from home index increased by 3.9% over the last 12 months – “the largest 12-month increase reported for that index since May 2009”, explained the US Bureau of Labor Statistics.
Energy Index
In October, the index for energy increased 0.1%, marking the fifth consecutive monthly percentage rise. “The electricity index was the largest contributor to this increase, increasing 1.2%,” stated the bureau. Gas prices dropped 0.5%, as did the natural gas index by 0.7%.
Over the last 12-months, the index for energy decreased 9.2%. The price of gasoline declined 18%, and the fuel oil index plummeted 28.2%. “In contrast, energy service indexes rose, with the index for natural gas increasing 1.8% and the index for electricity advancing 1.3%,” reported the bureau.
(Source: US Bureau of Labor Statistics)
All Items Less Food And Energy
In October, the all items less food and energy index remained the same, after rising 0.2% the previous month, stated US Bureau of Labor Statistics. Several of the component indexes all saw slight percentage increases for the month including the shelter index by 0.1%, and both the rent index and index for owners’ equivalent rent by 0.2%.
Over the last year, the all items less food and energy index increased by 1.6%. The index for shelter edged up 2%, as did the medical care index by 2.9%. Conversely, component indexes that saw percentage decreases were motor vehicle insurance, airline fares, and apparel stated the US Bureau of Labor Statistics.
The US Bureau of Labor Statistics released a statement on the impact of the COVID-19 pandemic on data collection:
“Data collection by personal visit for the Consumer Price Index (CPI) program has been suspended since March 16, 2020. When possible, data normally collected by personal visit were collected either online or by phone. Additionally, data collection in October was affected by the temporary closing or limited operations of certain types of establishments. These factors resulted in an increase in the number of prices considered temporarily unavailable and imputed. While the CPI program attempted to collect as much data as possible, many indexes are based on smaller amounts of collected prices than usual, and a small number of indexes that are normally published were not published this month. Additional information is available here.”
Source cited: https://www.bls.gov/news.release/archives/cpi_11122020.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.
