October 10, 2024
The U.S. Bureau of Labor Statistics announced that the Consumer Price Index for All Urban Consumers (CPI-U) rose by 0.2% on a seasonally adjusted basis in September, the same increase as in August and July. Over the past 12 months, the all items index surged by 2.4 percent before seasonal adjustment.
In September, the shelter index rose by 0.2%, while the food index increased by 0.4%, contributing over 75% of the rise in the all-items index. The food at home index increased by 0.4%, and the food away from home index rose by 0.3%. The energy index declined by 1.9%, following a 0.8% decrease in the previous month.
Excluding food and energy, the CPI-U for all other items climbed by 0.3% in September, matching the previous month’s increase. Notable contributors included shelter, motor vehicle insurance, medical care, apparel, and airline fares, while the indexes for recreation and communication declined.
Over the 12 months ending in September, the all-items index rose by 2.4%, the smallest year-over-year increase since February 2021. The index for all items less food and energy increased by 3.3%, while the energy index dropped by 6.8%, and the food index rose by 2.3%.
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