Consumer Price Index increased 0.4 percent in Feb. 2024: Report

The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.4 percent in February 2024 on a seasonally adjusted basis, after rising 0.3 percent in January, the U.S. Bureau of Labor Statistics reported today. Over the last 12 months, the all items index increased 3.2 percent before seasonal adjustment.

The index for shelter rose in February, as did the index for gasoline. Combined, these two indexes contributed over sixty percent of the monthly increase in the index for all items. The energy index rose 2.3 percent over the month, as all of its component indexes increased. The food index was unchanged in February, as was the food at home index. The food away from home index rose 0.1 percent over the month.

The index for all items less food and energy rose 0.4 percent in February, as it did in January. Indexes which increased in February include shelter, airline fares, motor vehicle insurance, apparel, and recreation. The index for personal care and the index for household furnishings and operations were among those that decreased over the month.

The all items index rose 3.2 percent for the 12 months ending February, a larger increase than the 3.1-percent increase for the 12 months ending January. The all items less food and energy index rose 3.8 percent over the last 12 months. The energy index decreased 1.9 percent for the 12 months ending February, while the food index increased 2.2 percent over the last year.

Food

The food index was unchanged in February, as was the food at home index. Both of these indexes had risen 0.4 percent in January. Three of the six major grocery store food group indexes decreased over the month. The index for dairy and related products decreased 0.6 percent in February, led by a 1.1-percent decline in the index for cheese and related products. The fruits and vegetables index decreased 0.2 percent over the month, as did the nonalcoholic beverages index.

The index for cereals and bakery products rose 0.5 percent in February, following a 0.2-percent decrease in January. The meats, poultry, fish, and eggs index also increased over the month, rising 0.1 percent. The index for other food at home was unchanged over the month.

The food away from home index rose 0.1 percent in February, after rising 0.5 percent in January. The index for full service meals rose 0.1 percent, as did the index for limited service meals.

The food at home index rose 1.0 percent over the last 12 months. The index for other food at home rose 2.3 percent over the 12 months ending in February, as did the index for nonalcoholic beverages. The cereals and bakery products index increased 1.7 percent over that period. The index for fruits and vegetables rose 0.8 percent over the 12 months ending in February. In comparison, the dairy and related products index fell 1.8 percent over the year, and the meats, poultry, fish, and eggs index decreased 0.5 percent.

The index for food away from home rose 4.5 percent over the last year. The index for limited service meals rose 5.2 percent over the last 12 months, and the index for full service meals rose 3.8 percent over the same period.

Energy

The energy index rose 2.3 percent in February, after declining 0.9 percent in January. The gasoline index increased 3.8 percent in February. (Before seasonal adjustment, gasoline prices rose 4.3 percent in February.) The index for natural gas rose 2.3 percent over the month, and the index for electricity rose 0.3 percent. The fuel oil index increased 1.1 percent in February.

Despite the monthly increase, the energy index fell 1.9 percent over the past 12 months. The gasoline index decreased 3.9 percent, the natural gas index declined 8.8 percent, and the fuel oil index fell 5.4 percent over this 12-month span. In comparison, the index for electricity rose 3.6 percent over the last year.

All items less food and energy The index for all items less food and energy rose 0.4 percent in February, as it did the previous month.

The shelter index increased 0.4 percent in February and was the largest factor in the monthly increase in the index for all items less food and energy. The index for rent rose 0.5 percent over the month, while the index for owners’ equivalent rent increased 0.4 percent. The lodging away from home index increased 0.1 percent in February, after rising 1.8 percent in January.

The airline fares index rose 3.6 percent in February, following a 1.4-percent increase in January. The index for motor vehicle insurance increased 0.9 percent over the month. Among other indexes that rose in February were apparel, recreation, and used cars and trucks.

The medical care index was unchanged in February after rising 0.5 percent in January. The index for hospital services decreased 0.6 percent over the month and the index for physicians’ services decreased 0.2 percent. The prescription drugs index fell 0.1 percent in February. The index for dental services was among those that rose in February, increasing 0.4 percent.

The index for personal care fell 0.5 percent in February, following a 0.6-percent increase in January. The household furnishings and operations index fell 0.1 percent over the month, as did the new vehicles index.

The index for all items less food and energy rose 3.8 percent over the past 12 months. The shelter index increased 5.7 percent over the last year, accounting for roughly two thirds of the total 12-month increase in the all items less food and energy index. Other indexes with notable increases over the last year include motor vehicle insurance (+20.6 percent), medical care (+1.4 percent), recreation (+2.1 percent), and personal care (+4.2 percent).

Not seasonally adjusted CPI measures The Consumer Price Index for All Urban Consumers (CPI-U) increased 3.2 percent over the last 12 months to an index level of 310.326 (1982-84=100). For the month, the index increased 0.6 percent prior to seasonal adjustment.

The Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) increased 3.1 percent over the last 12 months to an index level of 304.284 (1982-84=100). For the month, the index increased 0.7 percent prior to seasonal adjustment.

The Chained Consumer Price Index for All Urban Consumers (C-CPI-U) increased 2.9 percent over the last 12 months. For the month, the index increased 0.6 percent on a not seasonally adjusted basis. Please note that the indexes for the past 10 to 12 months are subject to revision.

The Consumer Price Index for March 2024 is scheduled to be released on Wednesday, April 10, 2024, at 7:30 a.m. (CT).

The Consumer Prices and Price Indexes is a division of the U.S. Bureau of Labor Statistics.