September Consumer Price Index Rises by 0.2%, Marking Steady Growth
U.S. Bureau of Labor Statistics reports consistent monthly increases in the CPI-U with significant contributions from shelter and food.
In September 2024, the Consumer Price Index for All Urban Consumers (CPI-U) witnessed a 0.2% increase on a seasonally adjusted basis, according to the latest data released by the U.S. Bureau of Labor Statistics. This marks the third consecutive month of steady growth, as the index continues to rise at the same rate seen in the preceding months of July and August.
Substantial Sector Insights: The shelter index rose by 0.2% in September, illustrating a stable increase in housing costs across urban areas. Meanwhile, the food index saw a 0.4% increase, underscoring the rising prices of essential grocery items. The energy index, however, fell by 1.9% over the month, with a notable 15.3% yearly decline in gasoline prices, highlighting fluctuations in energy costs.
Broader Economic Trends: Excluding food and energy, the all-items index rose by 0.3% in September, matching the increment seen the previous month. Annually, this category saw a 3.3% increase, driven by rising costs in motor vehicle insurance, medical care, and apparel. In contrast, ongoing declines in used car and truck prices contributed to tempered price growth within the transportation sector.
Comprehensive Index Analysis: Detailed examination reveals that the nonalcoholic beverages index remained unchanged, while electricity and utility piped gas services each increased by 0.7%. These indices provide further evidence of the myriad factors influencing consumer prices across different regions.
