CPI Rises 6% in February as Shelter Increases, Inflation Falls as Expected

The Consumer Price Index for All Urban Consumers (CPI-U) rose 0.4 percent in February on a seasonally
adjusted basis, after increasing 0.5 percent in January, the U.S. Bureau of Labor Statistics reported
today. Over the last 12 months, the all items index increased 6.0 percent before seasonal adjustment.

The index for shelter was the largest contributor to the monthly all items increase, accounting for over
70 percent of the increase, with the indexes for food, recreation, and household furnishings and
operations also contributing. The food index increased 0.4 percent over the month with the food at home
index rising 0.3 percent. The energy index decreased 0.6 percent over the month as the natural gas and
fuel oil indexes both declined.

The index for all items less food and energy rose 0.5 percent in February, after rising 0.4 percent in
January. Categories which increased in February include shelter, recreation, household furnishings and
operations, and airline fares. The index for used cars and trucks and the index for medical care were
among those that decreased over the month.

The all items index increased 6.0 percent for the 12 months ending February; this was the smallest
12-month increase since the period ending September 2021. The all items less food and energy index rose
5.5 percent over the last 12 months, its smallest 12-month increase since December 2021. The energy
index increased 5.2 percent for the 12 months ending February, and the food index increased 9.5 percent
over the last year. 

Food

The food index increased 0.4 percent in February, and the food at home index rose 0.3 percent over the
month. Five of the six major grocery store food group indexes increased over the month. The index for
nonalcoholic beverages increased 1.0 percent in February, after a 0.4-percent increase the previous
month. The indexes for other food at home and for cereals and bakery products each rose 0.3 percent
over the month. The index for fruits and vegetables increased 0.2 percent in February, and the index
for dairy and related products rose 0.1 percent.

In contrast, the meats, poultry, fish, and eggs index fell 0.1 percent over the month, the first
decrease in that index since December 2021. The index for eggs fell 6.7 percent in February following
sharp increases in recent months.

The food away from home index rose 0.6 percent in February, as it did in January. The index for limited
service meals increased 0.7 percent over the month and the index for full service meals increased 0.6
percent. 

The food at home index rose 10.2 percent over the last 12 months. The index for cereals and bakery
products rose 14.6 percent over the 12 months ending in February. The remaining major grocery store
food groups posted increases ranging from 5.3 percent (fruits and vegetables) to 12.4 percent (other
food at home).

The index for food away from home rose 8.4 percent over the last year. The index for full service meals
rose 8.0 percent over the last 12 months, and the index for limited service meals rose 7.2 percent over
the same period. 

Energy

The energy index fell 0.6 percent in February, after increasing 2.0 percent in January. The natural gas
index decreased 8.0 percent over the month, the largest 1-month decrease in that series since October
2006. The fuel oil index fell 7.9 percent over the month, following a 1.2-percent decline in January.
In contrast, the gasoline index rose 1.0 percent in February, following a 2.4-percent increase in the
previous month. (Before seasonal adjustment, gasoline prices rose 1.7 percent in February.) The index
for electricity increased 0.5 percent over the month.

The energy index rose 5.2 percent over the past 12 months. The fuel oil index rose 9.2 percent over the
last 12 months, while the index for electricity rose 12.9 percent, and the index for natural gas
increased 14.3 percent over the same period. The gasoline index decreased 2.0 percent over the span.

All items less food and energy

The index for all items less food and energy rose 0.5 percent in February, after rising 0.4 percent in
January. The shelter index continued to increase, rising 0.8 percent over the month. The index for rent
rose 0.8 percent in February, while the index for owners' equivalent rent increased 0.7 percent over the
month. The index for lodging away from home increased 2.3 percent in February. 

The shelter index was the dominant factor in the monthly increase in the index for all items less food
and energy. Among the other indexes that rose in February was the index for recreation, which increased
0.9 percent, and the index for household furnishings and operations which increased 0.8 percent. The
airline fares index rose 6.4 percent, ending a string of four consecutive declines. The index for motor
vehicle insurance, the index for apparel, the index for personal care, and the index for new vehicles
also increased in February. In contrast, the index for used cars and trucks fell 2.8 percent in 
February, continuing a recent downward trend. 

The medical care index fell 0.5 percent in February, after falling 0.4 percent in January. The index for
physicians' services continued to decline, falling 0.5 percent after declining 0.1 percent in January.
The hospital services index and the prescription drugs index were unchanged in February. 

The index for all items less food and energy rose 5.5 percent over the past 12 months. The shelter index
increased 8.1 percent over the last year, accounting for over 60 percent of the total increase in all
items less food and energy. Other indexes with notable increases over the last year include motor
vehicle insurance (+14.5 percent), household furnishings and operations (+6.1 percent), recreation
(+5.0 percent), and new vehicles (+5.8 percent). 

Not seasonally adjusted CPI measures

The Consumer Price Index for All Urban Consumers (CPI-U) increased 6.0 percent over the last 12 months
to an index level of 300.840 (1982-84=100). For the month, the index increased 0.6 percent prior to
seasonal adjustment.  

The Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) increased 5.8 percent over
the last 12 months to an index level of 295.057 (1982-84=100). For the month, the index increased 0.5
percent prior to seasonal adjustment.  

The Chained Consumer Price Index for All Urban Consumers (C-CPI-U) increased 6.2 percent over the last
12 months. For the month, the index increased 0.6 percent on a not seasonally adjusted basis. Please
note that the indexes for the past 10 to 12 months are subject to revision.