March 12, 2024
In February, the Consumer Price Index for All Urban Consumers (CPI-U) rose by 0.4 percent on a seasonally adjusted basis, following a 0.3 percent increase in January, according to the U.S. Bureau of Labor Statistics. Over the past year, the all items index climbed by 3.2 percent before seasonal adjustment.
There were notable increases in the shelter and gasoline indexes, which collectively accounted for over sixty percent of the overall increase in the index for all items. Specifically, the shelter index rose, alongside an increase in the gasoline index. The energy index experienced a 2.3 percent rise due to increases across all its component indexes. However, the food index remained unchanged, with both the food at home and food away from home indexes showing minimal changes.
The index for all items excluding food and energy rose by 0.4 percent, consistent with the increase observed in January. Notable increases were observed in several sectors, including shelter, airline fares, motor vehicle insurance, apparel, and recreation. However, there were decreases in the index for personal care and household furnishings and operations.
Over the twelve months leading up to February, the all items index saw a notable increase of 3.2 percent, slightly higher than the 3.1 percent increase observed for the twelve months ending in January. The all items index, excluding food and energy, experienced a more significant rise of 3.8 percent over the same period. Notably, the energy index decreased by 1.9 percent over the twelve months ending in February, while the food index saw an increase of 2.2 percent during the same period. Overall, while there was a general upward trend in prices, the rate of increase varied across different sectors, with energy prices experiencing a decline while food prices rose modestly.
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