EconoIndicators / Consumer Price Index (CPI)

CPI At a Glance

CPI-U: 211.693
Monthly Change: Up 0.3%
Year-to-year Change: Up 4.0%
Core CPI-U: Unchanged [Seasonally adjusted]
CPI-W: 207.254
Monthly Change: Up 0.2%
Year-to-year Change: Up 4.4%
Chained CPI-U: 122.251
Monthly Change: Up 0.3%%
Year-to-Year Change: Up 3.7%

Important notes: Numbers are not seasonally adjusted unless noted; base year=100 for CPI-U and CPI-W is 1982-1984; base year for C-CPI-U is 1999.

Technorati Tags: Consumer, Price, Index, CPI, inflation

CONSUMER PRICE INDEX: FEBRUARY 2008

The Consumer Price Index for All Urban Consumers (CPI-U) increased
0.3 percent in February before seasonal adjustment, the Bureau of Labor
Statistics of the U.S. Department of Labor reported today. The February
level of 211.693 (1982-84=100) was 4.0 percent higher than in February
2007.

The Consumer Price Index for Urban Wage Earners and Clerical Workers
(CPI-W) increased 0.2 percent in February prior to seasonal adjustment.
The February level of 207.254 (1982-84=100) was 4.4 percent higher than in
February 2007.

The Chained Consumer Price Index for All Urban Consumers (C-CPI-U)
increased 0.3 percent in February on a not seasonally adjusted basis. The
February level of 122.251 (December 1999=100) was 3.7 percent higher than
in February 2007. Please note that the indexes for the post-2006 period
are subject to revision.

CPI for All Urban Consumers (CPI-U)

On a seasonally adjusted basis, the CPI-U was virtually unchanged in
February, following a 0.4 percent rise in January. Each of the three
groups–food, energy, and all items less food and energy–contributed to
the deceleration. The index for food at home, which rose 0.9 percent in
January, increased 0.3 percent. The moderation reflected a downturn in
the indexes for fruits and vegetables, for meats, poultry, fish, and eggs,
and for nonalcoholic beverages. The index for energy turned down in
February as a 1.9 percent decline in the index for energy commodities more
than offset a 1.7 percent increase in the index for energy services. The
index for all items less food and energy was virtually unchanged after
increasing 0.3 percent in January. The deceleration reflects smaller
increases in the indexes for shelter, for medical care, for recreation,
for education and communication, and for other goods and services, and a
decline in the index for apparel.

Table A. Percent changes in CPI for All Urban Consumers (CPI-U)

Seasonally adjusted

Expenditure Compound
Category Changes from preceding month annual Un-
rate adjusted
3-mos. 12-mos.
Aug. Sep. Oct. Nov. Dec. Jan. Feb. ended ended
2007 2007 2007 2007 2007 2008 2008 Feb. 2008 Feb. 2008

All items………. .0 .4 .3 .9 .4 .4 .0 3.1 4.0
Food and beverages .4 .5 .2 .4 .1 .7 .4 4.6 4.5
Housing……….. .1 .3 .2 .4 .3 .2 .2 2.8 2.8
Apparel……….. -.5 .2 .1 .6 .1 .4 -.3 .8 -1.0
Transportation…. -.6 .7 .3 3.5 1.0 .5 -.7 3.5 9.0
Medical care…… .5 .4 .5 .4 .3 .5 .1 3.9 4.5
Recreation…….. -.1 .2 .3 .2 .0 .2 .1 1.4 1.1
Education and
communication.. .3 .2 .3 .0 .3 .4 .1 3.2 3.2
Other goods and
services……. .1 .3 .2 .2 .3 .4 .2 3.9 2.9
Special indexes:
Energy………… -1.7 1.4 1.0 6.9 1.7 .7 -.5 7.6 18.9
Food………….. .4 .5 .2 .4 .1 .7 .4 4.7 4.6
All items less
food and energy .2 .2 .2 .2 .2 .3 .0 2.3 2.3

The food and beverages index rose 0.4 percent in February. The index
for food at home, which advanced 0.9 percent in January, increased 0.3
percent in February. Downturns in the indexes for fruits and vegetables,
for meats, poultry, fish, and eggs, and for nonalcoholic beverages were
responsible for the moderation. The index for fruits and vegetables
declined 1.3 percent, following a 2.2 percent rise in January. The
indexes for fresh vegetables and for fresh fruits declined 4.0 and 0.4
percent, respectively, while the index for processed fruits and vegetables
increased 1.7 percent. The index for meats, poultry, fish, and eggs,
which advanced 0.8 percent in January, declined 0.1 percent in February.
Price decreases for pork and for poultry–down 1.4 and 0.6 percent,
respectively–more than offset a 0.5 percent increase in beef prices. The
index for nonalcoholic beverages, which rose 1.6 percent in January,
declined 0.1 percent in February, reflecting a decline in prices for
coffee. On the other hand, the other three grocery store food groups
advanced more in February than in January. The index for cereal and
bakery products rose 1.8 percent, its largest monthly advance since
January 1975. The index for dairy products, which rose 0.2 percent in
January, increased 0.8 percent in February. The index for other food at
home increased 1.0 percent, following a 0.4 percent rise in January. The
other two components of the food and beverages index–food away from home
and alcoholic beverages–each increased 0.4 percent, the same as in
January.

The index for housing increased 0.2 percent in February. The index
for shelter was virtually unchanged in February, following a 0.3 percent
increase in January. Within shelter, the indexes for rent and for owners’
equivalent rent increased 0.2 and 0.1 percent, respectively, while the
index for lodging away from home fell 1.2 percent. (Prior to seasonal
adjustment, the index for lodging away from home increased 2.8 percent.)
The index for household fuels, which declined 0.1 percent in January,
increased 1.5 percent as a 7.2 percent increase in the index for natural
gas more than offset decreases in the indexes for fuel oil and for
electricity–down 1.5 and 0.3 percent, respectively. The index for
household furnishings and operations was virtually unchanged in February.

The transportation index decreased 0.7 percent in February. The
index for gasoline declined 2.0 percent, accounting for about 95 percent
of the overall transportation decrease. As of February, gasoline prices
were 2.6 percent below their peak level recorded in May 2007. The index
for new vehicles declined 0.3 percent in February. (As of February, about
84 percent of the new car sample consisted of 2008 models. The 2008
models will continue to be phased in, with adjustments for quality change,
over the next several months as they replace old models at dealerships.
For a report on quality changes for the 2008 vehicles represented in the
Producer Price Index sample, see news release USDL-07-1787 dated November
14, 2007.) The index for used cars was virtually unchanged. During the
last 12 months, new vehicle prices declined 0.8 percent, while prices for
used cars and trucks rose 2.0 percent. The index for public
transportation decreased 0.1 percent in February, reflecting in part a 0.3
percent decrease in the index for airline fares. (Prior to seasonal
adjustment airline fares rose 1.2 percent in February and are 7.6 percent
higher than in February 2007.)

The index for apparel declined 0.3 percent in February, following
increases in each of the preceding five months. (Prior to seasonal
adjustment, apparel prices increased 1.8 percent, reflecting the
introduction of spring-summer wear.)

Medical care costs rose 0.1 percent in February. The index for
medical care commodities–prescription drugs, nonprescription drugs, and
medical supplies–rose 0.1 percent. The index for medical care services
also rose 0.1 percent. The index for professional services was virtually
unchanged, while the index for hospital and related services advanced 0.3
percent.

The index for recreation increased 0.1 percent in February.
Increases in the indexes for pets, pet products and services, for
recreational books, and for toys were partially offset by declines in the
indexes for video and audio and for sporting goods.

The index for education and communication increased 0.1 percent in
February. Educational costs rose 0.3 percent, while communication costs
were virtually unchanged. Within the communication group, declines in the
indexes for telephone services and for personal computers and peripheral
equipment–down 0.1 and 0.5 percent, respectively–were offset by
increases in the indexes for computer software and accessories and for
internet services and electronic information providers–each up 0.6
percent.

The index for other goods and services increased 0.2 percent in
February. The index for tobacco and smoking products rose 0.4 percent
accounting for about 42 percent of the monthly increase in this major
group. The advance in the index for miscellaneous personal services,
reflecting increases in laundry and dry cleaning, other apparel services,
and financial services, was partially offset by declines in prices for
personal care products.

CPI for Urban Wage Earners and Clerical Workers (CPI-W)

On a seasonally adjusted basis, the CPI for Urban Wage Earners and
Clerical Workers was virtually unchanged in February.

Table B. Percent changes in CPI for Urban Wage Earners and
Clerical Workers (CPI-W)

Seasonally adjusted

All items………. .0 .4 .3 1.0 .4 .4 .0 3.4 4.4
Food and beverages .5 .5 .2 .3 .1 .7 .3 4.6 4.6
Housing……….. .0 .2 .3 .4 .2 .2 .2 2.8 2.9
Apparel……….. -.2 .0 .1 .4 .2 .8 -.3 2.5 -.3
Transportation…. -.6 .7 .3 3.8 1.1 .7 -.7 4.2 9.9
Medical care…… .5 .4 .5 .4 .3 .6 .1 4.0 4.7
Recreation…….. -.1 .3 .2 .1 .1 .2 .1 1.5 .8
Education and
communication.. .3 .1 .3 .0 .2 .3 .1 2.6 2.8
Other goods and
services……. .1 .4 .2 .2 .4 .5 .3 4.7 3.2
Special indexes:
Energy………… -1.8 1.4 1.1 7.2 1.8 .8 -.7 7.7 19.7
Food………….. .5 .5 .2 .3 .1 .7 .3 4.5 4.6
All items less
food and energy .2 .2 .2 .2 .2 .3 .0 2.4 2.3

Consumer Price Index (CPI) - February 2008 [PDF]

Source: Department of Labor, Bureau of Labor Statistics

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