EconoIndicators

CPI At a Glance

• CPI-U: 218.783
• Monthly Change: Down 0.1%
• Year-to-year Change: Up 4.9%
• Core CPI-U: Up 0.1% [Seasonally adjusted]
• CPI-W: 214.935
• Monthly Change: Down 0.1%Up
• Year-to-year Change: 5.4%
• Chained CPI-U: 125.774
• Monthly Change: Down 0.1%
• Year-to-Year Change: Up 4.3%

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: SEPTEMBER 2008

The Consumer Price Index for All Urban Consumers (CPI-U) decreased
0.1 percent in September, before seasonal adjustment, the Bureau of Labor
Statistics of the U.S. Department of Labor reported today. The September
level of 218.783 (1982-84=100) was 4.9 percent higher than in September
2007.

The Consumer Price Index for Urban Wage Earners and Clerical Workers
(CPI-W) decreased 0.1 percent in September, prior to seasonal adjustment.
The September level of 214.935 (1982-84=100) was 5.4 percent higher than
in September 2007.

The Chained Consumer Price Index for All Urban Consumers (C-CPI-U)
decreased 0.1 percent in September on a not seasonally adjusted basis.
The September level of 125.774 (December 1999=100) was 4.3 percent higher
than in September 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
September following a 0.1 percent decrease in August. The index for
energy fell 1.9 percent in September following a 3.1 percent decline in
August. The motor fuel index declined 0.8 percent in September but was
31.8 percent higher than a year ago. The index for household energy fell
3.4 percent in September after a 1.6 percent decrease in August. The food
index advanced 0.6 percent in September, the same increase as in August.
The index for food at home rose 0.6 percent in September after a 0.8
percent rise in August and is up 7.6 percent over the past year. The
index for all items less food and energy increased 0.1 percent in
September, decelerating for the second straight month. Contributing to
the deceleration were downturns in the indexes for apparel and for airline
fares, a smaller (cont.)

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.
Mar. Apr. May June July Aug. Sep. ended ended
2008 2008 2008 2008 2008 2008 2008 Sep. 2008 Sep. 2008

All items………. .3 .2 .6 1.1 .8 -.1 .0 2.6 4.9
Food and beverages .2 .9 .3 .7 .9 .6 .6 8.5 6.0
Housing……….. .4 .3 .5 .5 .6 -.1 -.1 1.8 3.5
Apparel……….. -1.3 .5 -.3 .1 1.2 .5 -.1 6.6 1.4
Transportation…. .7 -.7 2.0 3.8 1.7 -1.5 -.6 -1.7 10.5
Medical care…… .1 .2 .2 .2 .1 .2 .3 2.5 3.2
Recreation…….. .3 -.1 .1 .1 .4 .5 .2 4.6 2.4
Education and
communication.. .3 .4 .4 .5 .5 .2 .1 3.3 3.5
Other goods and
services……. .4 .5 .4 .4 .4 .2 .2 3.3 4.0
Special indexes:
Energy………… 1.9 .0 4.4 6.6 4.0 -3.1 -1.9 -4.9 23.1
Food………….. .2 .9 .3 .8 .9 .6 .6 8.7 6.2
All items less
food and energy .2 .1 .2 .3 .3 .2 .1 2.7 2.5

increase in the index for recreation, and a steeper decline in the index for
new and used motor vehicles. These more than offset an upturn in the index
for lodging away from home and larger increases in the indexes for medical
care and owners’ equivalent rent.

Consumer prices increased at a seasonally adjusted annualized rate
(SAAR) of 2.6 percent in the third quarter of 2008 following increases in
the first and second quarters at annual rates of 3.1 and 7.9 percent,
respectively. This brings the year-to-date annual rate to 4.5 percent and
compares with an increase of 4.1 percent for all of 2007. The index for
energy fell at a 4.9 percent annual rate in the third quarter of 2008,
following increases at rates of 8.6 percent and 53.6 percent in the first
two quarters, respectively. So far this year, the energy index has risen
at a 16.6 percent rate after increasing 17.4 percent in all of 2007.
Within energy, petroleum-based energy costs (energy commodities) advanced
at a 19.1 percent rate and energy services (gas and electricity) rose at a
12.4 percent rate in the first nine months of 2008. The food index rose
at a 7.5 percent SAAR in the first nine months of 2008, compared to a 4.9
percent increase in all of 2007. The larger increase reflects
acceleration in all of the major grocery store food groups except dairy
and related products. The cereals and bakery products index and the
fruits and vegetables index rose the fastest, rising at a 14.2 percent and
12.1 percent SAAR, respectively.

The CPI-U excluding food and energy rose at a 2.7 percent SAAR in the
third quarter following increases at rates of 2.0 and 2.5 percent in the
first and second quarter, respectively. The index increased over the
first nine months of 2008 at a 2.4 percent SAAR, which matches the 2.4
percent increase during all of 2007. Deceleration in the shelter and
medical care indexes, as well as the index for new and used motor
vehicles, were offset by a larger increase in the recreation index and
upturns in the indexes for apparel and for household furnishings and
operations.

Percentage change 12 months SAAR 9
ended in December mos.
ended
Sep.
2001 2002 2003 2004 2005 2006 2007 2008

All items……….. 1.6 2.4 1.9 3.3 3.4 2.5 4.1 4.5
Food and beverages 2.8 1.5 3.5 2.6 2.3 2.2 4.8 7.2
Housing………… 2.9 2.4 2.2 3.0 4.0 3.3 3.0 3.5
Apparel………… -3.2 -1.8 -2.1 -.2 -1.1 .9 -.3 .9
Transportation….. -3.8 3.8 .3 6.5 4.8 1.6 8.3 7.2
Medical care……. 4.7 5.0 3.7 4.2 4.3 3.6 5.2 2.6
Recreation……… 1.5 1.1 1.1 .7 1.1 1.0 .8 2.5
Education and
communication….. 3.2 2.2 1.6 1.5 2.4 2.3 3.0 3.9
Other goods and
services………. 4.5 3.3 1.5 2.5 3.1 3.0 3.3 4.3
Special indexes:
Energy…………. -13.0 10.7 6.9 16.6 17.1 2.9 17.4 16.6
Energy commodities -24.5 23.7 6.9 26.7 16.7 6.1 29.4 19.1
Energy services… -1.5 .4 6.9 6.8 17.6 -.6 3.4 12.4
All items less
energy………… 2.8 1.8 1.5 2.2 2.2 2.5 2.8 3.2
Food………….. 2.8 1.5 3.6 2.7 2.3 2.1 4.9 7.5
All items less food
and energy…….. 2.7 1.9 1.1 2.2 2.2 2.6 2.4 2.4

The food and beverages index rose 0.6 percent in September, the
second straight such increase. The index for food at home, which rose 0.8
percent in August, increased 0.6 percent in September. The index for
cereals and bakery products turned up in September, rising 1.1 percent
after a 0.1 percent decline in August. The indexes for nonalcoholic
beverages and other food at home accelerated in September, increasing 0.7
percent and 1.1 percent respectively after increases of 0.4 percent and
0.7 percent in August. The index for meats, poultry, fish and eggs rose
1.0 percent in September, the third straight such increase. Within this
group, the index for eggs increased 2.6 percent in September after a 5.7
percent decrease in August, while the index for beef and veal decelerated,
rising 0.2 percent in September after a 2.4 percent increase in August.
Turning down in September were the indexes for dairy and related products,
down 0.6 percent after rising 0.4 percent in August, and for fruits and
vegetables, down 0.5 percent after advancing 2.1 percent in August. The
indexes for food away from home and for alcoholic beverages both increased
0.5 percent in September.

The index for housing declined 0.1 percent in September, the same
decline as in August. The shelter index increased 0.3 percent in
September after a 0.1 percent increase in August. The index for rent
increased 0.3 percent for the third month in a row while the index for
owners’ equivalent rent rose 0.2 percent after a 0.1 percent increase in
August. The index for lodging away from home turned up in September,
increasing 0.9 percent after a 1.1 percent decrease in August. The index
for household energy declined 3.4 percent in September, but was still 13.1
percent above its September 2007 level. Within household energy, the
indexes for fuel oil and for natural gas fell sharply, declining 7.8
percent and 8.3 percent respectively, while the index for electricity fell
0.9 percent. The index for household furnishings and operations, which
rose 0.2 percent in August, increased 0.5 percent in September.

The transportation index declined in September, falling 0.6 percent
after a 1.5 percent decrease in August. The index for gasoline decreased
0.6 percent following a 4.2 percent decrease in August. (Prior to
seasonal adjustment, gasoline prices fell 2.5 percent in September but
were 31.7 percent above their September 2007 level.) The index for new
vehicles declined for the second straight month, falling 0.7 percent after
a 0.6 percent decrease in August. The index for used cars and trucks fell
sharply in September, declining 1.8 percent after a 0.3 percent fall in
August. The index for public transportation decreased 1.0 percent in
September after a 1.1 percent increase in August, as the index for airline
fare turned down, declining 1.7 percent in September after rising 1.6
percent in August. (Prior to seasonal adjustment, the index for airline
fare decreased 3.6 percent in September but was 17.5 percent higher than
in September 2007.)

The index for apparel declined 0.1 percent in September after
increasing 0.5 percent in August. (Prior to seasonal adjustment, apparel
prices rose 4.1 percent in September and were 1.4 percent higher than in
September 2007.)

The medical care index rose 0.3 percent in September after rising 0.2
percent in August, and was 3.2 percent higher than a year ago. The index
for medical care commodities–prescription drugs, nonprescription drugs,
and medical supplies-increased 0.2 percent in September after a 0.1
percent increase in August. The index for medical care services increased
0.4 percent in September. The indexes for professional services and for
hospital and related services increased 0.2 percent and 0.6 percent,
respectively.

The index for recreation increased 0.2 percent in September,
following a 0.5 percent increase in August. The index for video and audio
rose 0.1 percent in September after a 0.5 percent increase in August. The
indexes for pets, pet products and services rose 1.0 percent in September
and the index for photography rose 0.8 percent. The index for recreation
services decreased 0.1 percent in September.

The index for education and communication increased 0.1 percent in
September after a 0.2 percent increase in August. The index for education
rose 0.4 percent in September. The index for college textbooks rose 1.0
percent after a 3.4 percent increase in August. The index for college
tuition and fees rose 0.3 percent in September. (Prior to seasonal
adjustment, charges for college tuition and fees rose 1.8 percent in
September and are up 6.7 percent since September 2007.) The communication
index declined in September, falling 0.2 percent for the second
consecutive month. Within communication, the index for telephone services
was virtually unchanged while the index for information technology,
hardware and services declined 1.1 percent.

The index for other goods and services increased 0.2 percent in
September, the same increase as in August. The index for tobacco and
smoking products was virtually unchanged and the index for personal care
rose 0.3 percent.
CPI for Urban Wage Earners and Clerical Workers (CPI-W)

On a seasonally adjusted basis, the CPI for Urban Wage Earners and
Clerical Workers decreased 0.1 percent in September.

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

Seasonally adjusted

Expenditure Compound
Category Changes from preceding month annual Un-
rate adjusted
3-mos. 12-mos.
Mar. Apr. May June July Aug. Sep. ended ended
2008 2008 2008 2008 2008 2008 2008 Sep. 2008 Sep. 2008

All items………. .4 .2 .7 1.2 .9 -.2 -.1 2.5 5.4
Food and beverages .2 .9 .3 .8 .9 .6 .6 8.7 6.1
Housing……….. .5 .4 .5 .5 .7 .0 -.2 1.9 3.8
Apparel……….. -1.2 .2 -.2 .0 .8 1.0 .0 7.6 1.7
Transportation…. .7 -.7 2.1 4.0 1.8 -1.7 -.7 -2.4 11.1
Medical care…… .1 .2 .1 .2 .1 .3 .3 2.8 3.3
Recreation…….. .3 -.2 .0 .2 .4 .5 .2 4.7 2.2
Education and
communication.. .2 .4 .3 .5 .5 .2 .0 3.2 3.2
Other goods and
services……. .4 .4 .5 .6 .5 .2 .2 3.6 4.4
Special indexes:
Energy………… 1.9 -.2 4.5 6.8 4.0 -3.2 -1.7 -4.1 23.8
Food………….. .2 1.0 .3 .8 .9 .6 .6 8.9 6.3
All items less
food and energy .1 .1 .2 .3 .3 .2 .1 2.5 2.4

Consumer Price Index (CPI) – September 2008 [PDF]

Source: Department of Labor, Bureau of Labor Statistics