Consumer Price Index Increases 0.4% in February
Shelter and Gasoline Prices Main Contributors to Increase
The Consumer Price Index for All Urban Consumers (CPI-U) rose by 0.4 percent in February 2024, after a 0.3 percent increase in January, according to the U.S. Bureau of Labor Statistics. Over the past 12 months, all items index saw a 3.2 percent increase before seasonal adjustment.
Food Index Unchanged
The food index remained unchanged in February, with both the food at home and food away from home indexes showing stability. However, several grocery store food group indexes declined, notably dairy and related products, fruits and vegetables, and nonalcoholic beverages.
Energy Prices Surge 2.3%
The energy index surged by 2.3 percent in February, driven by a 3.8 percent increase in gasoline prices. Despite this monthly increase, the energy index saw a 1.9 percent decline over the past 12 months, primarily due to decreases in the gasoline and natural gas indexes.
All Items Less Food and Energy Increase
The index for all items less food and energy also rose by 0.4 percent in February, with shelter being the primary contributor to this increase. Notable rises were observed in the indexes for airline fares, motor vehicle insurance, apparel, and recreation. However, indexes for personal care and household furnishings and operations saw decreases.
Source: BLS Press Release
Read More:
Europe's inflation is up after months of decline. It could mean a longer wait for interest rate cuts
