The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.1% in February, the US Bureau of Labor Statistics reported. This is the same percentage rise seen in January, on a seasonally adjusted basis. Increases in food prices and shelter offset the lower price of gasoline. The all items index has risen 2.3 % before seasonal adjustment, over the past year.
(Source: US Bureau of Labor Statistics)
Food Index
Increasing food prices were a contributing factor to the rise in the seasonally adjusted all items index. In February, the index for food edged up 0.4%. The food at home index increased 0.5%, marking its largest jump since May 2014, the bureau reported. Throughout the month, five of the six main grocery indexes saw price increases. The food away from home index also increased by 0.2% in February.
Over the last year, the index for food at home has risen 0.8%, with the dairy and related products index seeing the largest gain with 3.6%. Over the past 12-month period, the food away from home index increased by 3.0%.
All Items Less Food and Energy Index
In February, the all items less food and energy index edged up 0.2%. Both the indexes for shelter and rent rose 0.3%, respectively, with the index for owners’ equivalent rent rising by 0.2%. The index for medical care also saw a 0.1% increase over the month.
Over the last year, the all items less food and energy index increased by 2.4%. The shelter index gained 3.3% and the medical care index leaped 4.6% over the past 12-month period.
(Source: US Bureau of Labor Statistics)
Energy Index
In February the energy index dropped 2.0%, the bureau reported. The price of gasoline decreased by 3.4% over the month. The index for fuel oil declined 8.5%, with the indexes for natural gas and electricity also declining, 0.9% and 0.1%, respectively.
Over the last 12-month period, overall the energy index increased by 2.8%. Gasoline prices rose 5.6%, as did the index for electricity with a 0.6% rise. Yet, over the past year, the fuel oil index decreased by 5.9% and likewise, the natural gas index dropped 2.0%.
Source cited: https://www.bls.gov/news.release/archives/cpi_03112020.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.
