EconoIndicators / Consumer Price Index (CPI)

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CPI At a Glance

CPI-U: 213.528
Monthly Change: Up 0.9%
Year-to-year Change: Up 4.0%
Core CPI-U: Up 0.2% [Seasonally adjusted]
CPI-W: 209.147
Monthly Change: Up 0.9%
Year-to-year Change: Up 4.3%
Chained CPI-U: 123.204
Monthly Change: Up 0.8%%
Year-to-Year Change: Up 3.6%

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: MARCH 2008

The Consumer Price Index for All Urban Consumers (CPI-U) increased
0.9 percent in March, before seasonal adjustment, the Bureau of Labor
Statistics of the U.S. Department of Labor reported today. The March
level of 213.528 (1982-84=100) was 4.0 percent higher than in March 2007.

The Consumer Price Index for Urban Wage Earners and Clerical Workers
(CPI-W) increased 0.9 percent in March, prior to seasonal adjustment. The
March level of 209.147 (1982-84=100) was 4.3 percent higher than in March
2007.

The Chained Consumer Price Index for All Urban Consumers (C-CPI-U)
increased 0.8 percent in March on a not seasonally adjusted basis. The
March level of 123.204 (December 1999=100) was 3.6 percent higher than in
March 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 advanced 0.3 percent in
March, following virtually no change in February. The energy index
increased 1.9 percent in March after declining 0.5 percent in February.
Within energy, the index for petroleum based energy increased 2.0 percent
and the index for energy services rose 1.9 percent. The food index, which
rose 0.4 percent in February, increased 0.2 percent in March. The index
for food at home also rose 0.2 percent. The index for all items less food
and energy rose 0.2 percent in March, following virtually no change in
February. A larger increase in the index for household furnishings and
operations and an upturn in the index for airline fares more than offset a
larger decline in the apparel index.

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.
Sep. Oct. Nov. Dec. Jan. Feb. Mar. ended ended
2007 2007 2007 2007 2008 2008 2008 Mar. 2008 Mar. 2008

All items………. .4 .3 .9 .4 .4 .0 .3 3.1 4.0
Food and beverages .5 .2 .4 .1 .7 .4 .2 5.1 4.4
Housing……….. .3 .2 .4 .3 .2 .2 .4 3.4 3.0
Apparel……….. .2 .1 .6 .1 .4 -.3 -1.3 -4.7 -1.4
Transportation…. .7 .3 3.5 1.0 .5 -.7 .7 2.4 8.2
Medical care…… .4 .5 .4 .3 .5 .1 .1 3.2 4.6
Recreation…….. .2 .3 .2 .0 .2 .1 .3 2.3 1.3
Education and
communication.. .2 .3 .0 .3 .4 .1 .3 3.2 3.0
Other goods and
services……. .3 .2 .2 .3 .4 .2 .4 4.5 3.2
Special indexes:
Energy………… 1.4 1.0 6.9 1.7 .7 -.5 1.9 8.6 17.0
Food………….. .5 .2 .4 .1 .7 .4 .2 5.3 4.5
All items less
food and energy .2 .2 .2 .2 .3 .0 .2 2.0 2.4

For the first three months of 2008, consumer prices increased at a
seasonally adjusted annual rate (SAAR) of 3.1 percent. This compares with
an increase of 4.1 percent for all of 2007. The index for energy, which
rose 17.4 percent in 2007, advanced at a 8.6 percent SAAR in the first
quarter of 2008. Petroleum-based energy costs increased at a 5.6 percent
annual rate and charges for energy services rose at a 12.8 percent annual
rate. The food index rose at a 5.3 percent SAAR in the first quarter of
2008, following a 4.9 percent increase in all of 2007. The index for
grocery store food prices increased at a 5.9 percent annual rate,
reflecting increases in each of the six major groups ranging from annual
rates of 0.7 percent in the index for dairy products to 15.7 percent in
the index for cereal and bakery products.

Excluding food and energy, the CPI-U advanced at a 2.0 percent SAAR
in the first quarter, following a 2.4 percent rise in all of 2007. The
moderation thus far in 2008 largely reflects smaller increases in the
indexes for shelter–up at a 2.0 percent rate after advancing 3.1 percent
in all of 2007–and medical care, coupled with a larger decline in the
index for apparel. The annual rates for selected groups for the last
seven and one-quarter years are shown below.

Percentage change 12 months SAAR 3
ended in December mos.
ended
Mar.
2001 2002 2003 2004 2005 2006 2007 2008

All items……….. 1.6 2.4 1.9 3.3 3.4 2.5 4.1 3.1
Food and beverages 2.8 1.5 3.5 2.6 2.3 2.2 4.8 5.1
Housing………… 2.9 2.4 2.2 3.0 4.0 3.3 3.0 3.4
Apparel………… -3.2 -1.8 -2.1 -.2 -1.1 .9 -.3 -4.7
Transportation….. -3.8 3.8 .3 6.5 4.8 1.6 8.3 2.4
Medical care……. 4.7 5.0 3.7 4.2 4.3 3.6 5.2 3.2
Recreation……… 1.5 1.1 1.1 .7 1.1 1.0 .8 2.3
Education and
communication….. 3.2 2.2 1.6 1.5 2.4 2.3 3.0 3.2
Other goods and
services………. 4.5 3.3 1.5 2.5 3.1 3.0 3.3 4.5
Special indexes:
Energy…………. -13.0 10.7 6.9 16.6 17.1 2.9 17.4 8.6
Energy commodities -24.5 23.7 6.9 26.7 16.7 6.1 29.4 5.6
Energy services… -1.5 .4 6.9 6.8 17.6 -.6 3.4 12.8
All items less
energy………… 2.8 1.8 1.5 2.2 2.2 2.5 2.8 2.5
Food………….. 2.8 1.5 3.6 2.7 2.3 2.1 4.9 5.3
All items less food
and energy…….. 2.7 1.9 1.1 2.2 2.2 2.6 2.4 2.0

The food and beverages index rose 0.2 percent in March. The index
for grocery store food also increased 0.2 percent. Another large increase
in the index for cereal and bakery products was partially offset by a
downturn in the index for dairy products; the other four major grocery
store food groups registered small increases. The index for cereal and
bakery products, which increased 1.8 percent in February, rose 1.3 percent
in March. Prices for bread increased 2.1 percent in March and were 14.7
percent higher than a year earlier. The index for dairy products declined
0.8 percent in March, as milk prices fell 2.2 percent. Despite the drop
in March, milk prices were still 13.3 percent higher than in March 2007.
The index for fruits and vegetables rose 0.1 percent. A 2.0 percent
increase in the index for fresh vegetables more than offset declines in
the indexes for fresh fruits and for processed fruits and vegetables–down
1.1 and 0.9 percent, respectively. The index for meats, poultry, fish,
and eggs was virtually unchanged in March. Increases in prices for beef,
for poultry, and for other meats were offset by declines in prices for
pork and for fish and seafood. The indexes for nonalcoholic beverages and
for other food at home increased 0.3 and 0.1 percent, respectively. The
other two components of the food and beverages index–food away from home
and alcoholic beverages–increased 0.3 and declined 0.1 percent,
respectively.

The index for housing, which rose 0.2 percent in February, increased
0.4 percent in March. Each of the three major groups contributed to the
larger advance. The index for shelter increased 0.1 percent in March
after registering virtually no change in February. Within shelter, the
indexes for rent and owners’ equivalent rent each increased 0.2 percent,
while the index for lodging away from home fell 0.6 percent. (Prior to
seasonal adjustment, the index for lodging away from home increased 3.7
percent.) The index for fuels and utilities increased 2.0 percent,
following a 1.3 percent rise in February. Upturns in the indexes for
electricity and for fuel oil more than offset a smaller increase in
charges for natural gas. The index for natural gas, which rose 7.2
percent in February, increased 4.6 percent in March. The index for fuel
oil increased 10.1 percent in March and is 48.4 percent higher than in
March 2007. The index for electricity rose 0.8 percent. The index for
household furnishings and operations, which was virtually unchanged in
February, increased 0.5 percent in March. About two-thirds of the advance
reflects a 1.7 percent increase in prices for furniture and bedding.

The transportation index increased 0.7 percent in March after
declining 0.7 percent in February, reflecting the upturn in gasoline
prices. The index for motor fuels, which declined 2.0 percent in
February, advanced 1.6 percent in March and accounted for almost three-
fourths of the transportation increase in March. As of March, the price
of gasoline was 4.4 percent higher than its previous peak level recorded
in May 2007. The index for new vehicles declined 0.1 percent in March and
was 1.1 percent lower than in March 2007. The index for used cars and
trucks was virtually unchanged in March. The index for public
transportation advanced 2.5 percent in March, reflecting increases in
airline fares and intercity train fares. Airline fares increased 3.0
percent in March and have risen 10.2 percent in the last 12 months.

The index for apparel fell 1.3 percent in March, following a 0.3
percent decrease in February. (Prior to seasonal adjustment, apparel
prices rose 2.6 percent, reflecting the continued introduction of spring-
summer wear. Prices for women’s and girls’ apparel registered the largest
advance–up 4.0 percent.)

Medical care costs rose 0.1 percent in March and are 4.6 percent
higher than a year ago. The index for medical care commodities–
prescription drugs, nonprescription drugs, and medical supplies–increased
0.4 percent. The index for medical care services rose 0.1 percent in
March. The indexes for professional services and for hospital and related
services increased 0.1 and 0.2 percent, respectively.
.
The index for recreation, which rose 0.1 percent in February,
advanced 0.3 percent in March. Increases in the indexes for pets, pet
products and services and for admissions to sporting events–each up 1.1–
and for cable and satellite television and radio service–up 0.6 percent–
largely accounted for the March advance.

The index for education and communication rose 0.3 percent in March.
Educational costs increased 0.4 percent and communication costs rose 0.1
percent. Within the latter category, increases in charges for telephone
services more than offset a decline in the index for information
technology, hardware and services. Local-and long distance-land-line
telephone charges rose 0.5 and 0.2 percent, respectively, while charges
for wireless telephone services were unchanged. The index for information
technology, hardware and services declined 0.1 percent, reflecting
decreases in the indexes for personal computers and peripheral equipment,
for computer software and accessories, and for internet services.

The index for other goods and services rose 0.4 percent in March.
The index for personal care rose 0.6 percent, reflecting increases in the
indexes for haircuts, tax return preparation, and miscellaneous personal
goods. These increases were partially offset by a 0.1 percent decline in
the index for tobacco and smoking 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 rose 0.4 percent in March.

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

Seasonally adjusted

All items………. .4 .3 1.0 .4 .4 .0 .4 3.3 4.3
Food and beverages .5 .2 .3 .1 .7 .3 .2 5.1 4.4
Housing……….. .2 .3 .4 .2 .2 .2 .5 3.6 3.0
Apparel……….. .0 .1 .4 .2 .8 -.3 -1.2 -3.1 -1.0
Transportation…. .7 .3 3.8 1.1 .7 -.7 .7 2.8 9.0
Medical care…… .4 .5 .4 .3 .6 .1 .1 3.2 4.6
Recreation…….. .3 .2 .1 .1 .2 .1 .3 2.5 1.2
Education and
communication.. .1 .3 .0 .2 .3 .1 .2 2.6 2.6
Other goods and
services……. .4 .2 .2 .4 .5 .3 .4 4.8 3.4
Special indexes:
Energy………… 1.4 1.1 7.2 1.8 .8 -.7 1.9 8.3 17.6
Food………….. .5 .2 .3 .1 .7 .3 .2 5.2 4.5
All items less
food and energy .2 .2 .2 .2 .3 .0 .1 2.1 2.3

consumer-price-index-cpi-march2008

Source: Department of Labor, Bureau of Labor Statistics

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