February 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 February to a level of 146.7 (1982-84=100), the Bureau of Labor Statistics of the U.S. Department of Labor reported today. For the 12-month period ended in February, the CPI-U increased 2.5 percent.

The Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) increased 0.3 percent in February, prior to seasonal adjustment. The February 1994 CPI-W level of 144.0 was 2.3 percent higher than the index in February 1993.

CPI for All Urban Consumers (CPI-U)

On a seasonally adjusted basis, the CPI-U rose 0.3 percent in February after registering no change in January. The energy index, which had risen only once in the preceding 9 months, increased 1.6 percent in February, largely as a result of a sharp upturn in petroleum-based energy prices. The food index, on the other hand, which had risen substantially during the last quarter of 1993, declined for the second consecutive month--down 0.3 percent in February. Excluding food and energy, the CPI-U rose 0.3 percent in February, following a 0.1 percent increase in January, with the acceleration resulting from a 0.5 percent advance in shelter costs.

The food and beverage index declined for the second consecutive month, down 0.3 percent in February. Grocery store food prices fell 0.4 percent in February, following a 0.3 percent drop in January. Declines in the index for fruits and vegetables were largely responsible for the decrease in each month. In February, the index for fruits and vegetables fell 3.4 percent; fresh fruit prices declined 4.4 percent, fresh vegetable prices, 4.9 percent, and processed fruits and vegetables, 0.9 percent. These declines were partially offset by increases in most other grocery store food groups. The index for meats, poultry, fish, and eggs rose 0.2 percent in February. Declines in prices for beef, poultry, and fish and seafood were more than offset by increases in the indexes for pork and for eggs. The indexes for cereal and bakery products and dairy products rose 0.6 and 0.8 percent, respectively. The index for other food at home declined 0.1 percent in February. The other two components of the food and beverage index--restaurant meals and alcoholic beverages--rose 0.1 and declined 0.1 percent, respectively, in February.

The housing component rose 0.4 percent in February, following an increase of 0.1 percent in January. A substantially larger increase in shelter costs and an upturn in the index for fuel and other utilities were responsible for the acceleration. Shelter costs rose 0.5 percent, following a 0.2 percent increase in January, its largest advance since a 0.6 percent similar increase in January 1991. Within shelter, renters' costs rose 0.4 percent, homeowners' costs, 0.5 percent, and maintenance and repair costs, 0.4 percent. The index for fuel and other utilities, which had declined in each of the 3 preceding months, rose 0.9 percent in February. The index for household fuels advanced 1.1 percent, reflecting increases in each of the major components. The index for fuel oil rose 7.2 percent, its first increase since last June and its largest monthly advance since a 12.6 percent rise in October 1990. Charges for natural gas and electricity increased 1.5 and 0.3 percent, respectively. The index for other utilities and public services increased 0.7 percent in February, largely as a result of a 5.3 percent increase in charges for interstate telephone calls. The index for household furnishings and operation, which increased 0.2 percent in January, declined 0.4 percent in February.

The transportation index registered its first monthly increase since October, advancing 0.5 percent in February. The index for gasoline rose 1.8 percent, ending a nearly year-long decline, which began in March 1993 and 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 February, the gasoline index was 4.9 percent lower than a year earlier and 18.3 percent below its peak level of December 1990. A sharp advance in automobile purchase costs also contributed to the upturn in the transportation component in February. The index for new cars rose 0.5 percent and automobile finance charges jumped 0.9 percent. The upturn in finance charges in February follows a period of generally declining rates in which this index fell 24.6 percent between February 1991 and January 1994. These advances were partially offset by a 1.1 percent drop in the index for used cars. The index for public transportation increased 0.4 percent in February, primarily due to a 2.1 percent rise in fares for other intercity transportation.

The index for apparel and upkeep fell 0.3 percent in February, following declines of 0.1 percent in each of the 2 preceding months. (Prior to seasonal adjustment, the index advanced 1.5 percent.) The somewhat slower introduction of spring and summer merchandise into the market place than in recent years has resulted in seasonally adjusted declines during the first 2 months of 1994.

Medical care costs rose 0.3 percent in February, the same as in each of the preceding 3 months. As of February, the index was 4.9 percent above its level a year earlier. The index for medical care commodities--prescription drugs, nonprescription drugs, and medical supplies--decreased 0.1 percent in February. The index for medical care services rose 0.3 percent in February. Charges for professional services and hospital and related services increased 0.4 and 0.2 percent, respectively.

Entertainment costs increased 0.4 percent in February, as a slight decline in the index for entertainment commodities was more than offset by a 0.8 percent rise in charges for entertainment services. The index for admissions to movies, theaters, concerts, and sporting events rose 1.2 percent and fees for lessons or instructions jumped 2.3 percent.

The index for other goods and services rose 0.3 percent in February, following a 0.1 percent increase in January. Increases in educational expenses and personal financial services more than offset a decline in the index for personal care. The index for tobacco and smoking products was unchanged in February.

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 0.2 percent in February.