January 1994 Consumer Price Index

Historical release narrative reproduced from the official public-domain source. Statistical tables, standard technical appendices, administrative material and attendance rosters are omitted; formatting is adapted for reading. Figures retain the release's historical context and may have been revised. Consult the linked source for the complete document.

The Consumer Price Index for All Urban Consumers (CPI-U) rose 0.3 percent before seasonal adjustment in January to a level of 146.2 (1982-84=100), the Bureau of Labor Statistics of the U.S. Department of Labor reported today. For the 12-month period ended in January, the CPI-U increased 2.5 percent.

The Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) increased 0.2 percent in January, prior to seasonal adjustment. The January 1994 CPI-W level of 143.6 was 2.4 percent higher than the index in January 1993.

CPI for All Urban Consumers (CPI-U)

On a seasonally adjusted basis, the CPI-U was unchanged in January after increasing 0.2 percent in December. The index for food fell 0.1 percent in January, primarily as a result of smaller than seasonally anticipated price increases for fruits and vegetables. The energy index, which declined throughout most of 1993, continued to fall in January, declining 0.8 percent as a result of decreases in the indexes for both household and motor fuels. The 0.1 percent advance in the CPI-U excluding food and energy for January follows a 0.2 percent increase in December and reflects a smaller rise in shelter costs.

The food and beverage index decreased 0.1 percent in January. Grocery store food prices, which increased 0.7 percent in December, fell 0.3 percent in January. This deceleration was largely the result of a downturn in the index for fruits and vegetables, which declined 2.5 percent in January after increasing 3.2 percent in December. (Prior to seasonal adjustment, however, fruit and vegetable prices continued to advance, up 2.0 percent in January and 11.7 percent in the last 6 months.) In January, the indexes for fresh fruits and fresh vegetables fell 4.2 percent and 3.9 percent, respectively. The index for processed fruits and vegetables increased 0.7 percent. The index for meats, poultry, fish, and eggs edged up 0.1 percent in January, following a decline of the same magnitude in December. Prices for beef and poultry each declined in January, but these decreases were more than offset by increases in the indexes for pork, other meats, fish and seafood, and eggs. The indexes for cereal and bakery products and dairy products rose 0.4 and 0.9 percent, respectively. The index for other food at home was unchanged in January. The other two components of the food and beverage index--restaurant meals and alcoholic beverages--rose 0.1 and 0.2 percent, respectively, in January.

The housing component rose 0.1 percent in January, following increases of 0.2 percent in each of the preceding 4 months. A slightly smaller increase in shelter costs--up 0.2 percent in January after increasing 0.3 percent in each of the preceding 2 months--accounted for most of the deceleration. Within shelter, renters' costs were unchanged, homeowners' costs rose 0.2 percent, and maintenance and repair costs increased 1.0 percent. The index for fuel and other utilities, which declined slightly in both November and December, fell 0.4 percent in January. The index for household fuels decreased 0.9 percent, reflecting declines in each of the major components. The index for fuel oil declined for the seventh consecutive month--down 1.9 percent in January. Charges for natural gas and electricity fell 0.4 and 1.1 percent, respectively. The index for other utilities and public services increased 0.1 percent in January, as a decrease in charges for telephone services was more than offset by increases in water and sewerage maintenance and refuse collection. The index for household furnishings and operation increased 0.2 percent in January.

Transportation costs declined 0.2 percent in January, the same as in December. The index for gasoline fell 0.4 percent in January, continuing its nearly year-long decline, which was interrupted only by the 4.3 percent increase in October associated with the 4.3 cents per gallon Federal excise tax increase. As of January, the gasoline index was 6.5 percent lower than a year earlier and 19.7 percent below its peak level of December 1990. Automobile purchase costs rose slightly in January. The index for new cars rose 0.1 percent, while automobile finance charges fell 0.1 percent. (Prior to seasonal adjustment, new car prices increased 0.4 percent. As of January, the proportion of 1994 models in the index was about 80 percent of the new car sample.) The index for used cars, which increased 8.0 percent in 1993, fell 0.9 percent in January, its biggest drop since a similar decrease in January 1992. The index for public transportation declined 1.8 percent in January, as a 2.0 percent decrease in airline fares more than offset a 1.4 percent rise in fares for other intercity transportation.

The index for apparel and upkeep declined 0.1 percent in January, the same as in December. (Prior to seasonal adjustment, the index dropped 1.7 percent.) Price discounting associated with post-holiday sales of fall-winter wear more than offset price increases for newly introduced spring and summer merchandise.

Medical care costs rose 0.3 percent in January to a level 5.1 percent above a year earlier. The index for medical care commodities--prescription drugs, nonprescription drugs, and medical supplies--increased 0.4 percent in January. The index for medical care services rose 0.3 percent in January. Charges for professional services and hospital and related services increased 0.2 and 0.3 percent, respectively.

Entertainment costs increased 0.3 percent in January, the same as in December. Increases in charges for admissions and in fees for participant sports, more than offset a decline in the index for entertainment commodities.

The index for other goods and services rose 0.1 percent in January, following a 0.4 percent increase in December. Increases in educational expenses--tuition and school books and supplies-- more than offset a decline in the index for tobacco and smoking products. (Prior to seasonal adjustment, tobacco prices rose 1.0 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 rose 0.1 percent in January.