February 1995 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 0.4 percent before seasonal adjustment in February to a level of 150.9 (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 2.9 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 1995 CPI-W level of 148.3 was 3.0 percent higher than the index in February 1994.

CPI for All Urban Consumers (CPI-U)

On a seasonally adjusted basis, the CPI-U rose 0.3 percent in February, the same as in January. The index for food increased 0.3 percent, following a decrease of 0.3 percent in January. Energy costs, which increased 0.3 percent in January, declined 0.1 percent in February, resulting from a drop in the gasoline index. Excluding food and energy, the CPI-U increased 0.3 percent, following a 0.4 percent rise in January. The slightly smaller increase in February reflects a downturn in the index for apparel commodities and smaller increases in the indexes for public transportation and household furnishings and operations, all of which had turned up in January.

The food and beverage index rose 0.3 percent in February. Grocery store food prices also increased 0.3 percent, following a 0.5 percent decline in January. The advance in February largely reflects an upturn in the index for fruits and vegetables, which rose 0.7 percent after declining 2.6 percent in January. The index for fresh fruits and vegetables increased 1.0 percent, while that for processed fruits and vegetables was unchanged. Among other major grocery store food groups, the indexes for cereal and bakery products and for meats, poultry, fish, and eggs also contributed to the increase in February, each advancing 0.5 percent. The indexes for dairy products and for other food at home each decreased slightly in February. Within the meats, poultry, fish, and eggs category, beef prices rose 0.5 percent and the index for pork was unchanged; the indexes for poultry, fish and seafood, and eggs, each of which declined in January, turned up in February. The other two components of the food and beverage index--restaurant meals and alcoholic beverages--rose 0.1 percent and were unchanged, respectively.

The housing component increased 0.3 percent in February, following a 0.4 rise in January. Shelter costs advanced 0.3 percent the same as in January. Within shelter, renters' costs and homeowners' costs each rose 0.3 percent; and maintenance and repair costs increased 0.5 percent. The index for fuel and other utilities, which increased 0.5 percent in January, was unchanged. The index for household fuels rose 0.1 percent, as increases in the indexes for natural gas and electricity--up 0.5 and 0.1 percent, respectively--more than offset a 0.8 percent decline in the index for fuel oil. The index for other utilities and public services fell 0.2 percent, reflecting a decrease in the index for telephone services. These charges declined 0.7 percent in February, reflecting decreases in local telephone call charges and interstate and intrastate toll calls. Partially offsetting these declines were increases in charges for cable television and refuse collection--up 0.9 and 0.6 percent, respectively. The index for household furnishings and operation rose 0.3 percent in February. The indexes for furniture and bedding and textile housefurnishings increased 1.1 and 0.9 percent, respectively.

The transportation index advanced 0.4 percent in February, following an increase of 0.6 percent in January. A downturn in the index for motor fuels coupled with a smaller increase in airline fares were largely responsible for the smaller rise in February. The index for gasoline declined 0.4 percent in February, following increases in each of the preceding 3 months. The increase of 0.1 percent in the index for new vehicles continued its pattern of very little movement evident since the introduction of the 1995 models. (As of February, the proportion of 1995 models in the index was about 85 percent of the new car sample.) Automobile finance charges continued to increase sharply, advancing 2.4 percent in February and 29.3 percent in the last 12 months. The used car index also continued to rise sharply, advancing 2.7 percent in February and 14.3 percent in the past 12 months. The index for public transportation, which turned up in January after registering declines in each of the last 4 months of 1994, rose 0.8 percent in February. Airline fares rose 1.1 percent in February, following a 2.2 percent rise in January. Despite these advances, airline fares were 5.4 percent lower than a year earlier.

The index for apparel and upkeep declined 0.6 percent in February, following a 0.7 percent increase in January. (Prior to seasonal adjustment, clothing prices rose 1.3 percent in February.) The somewhat smaller proportion of higher-priced spring-summer merchandise in the market place this month than in recent years resulted in a seasonally adjusted decline.

Medical care costs rose 0.3 percent in February to a level 4.9 percent higher than a year earlier. In February, the index for medical care commodities--prescription drugs, non-prescription drugs, and medical supplies--declined 0.1 percent. The index for medical care services rose 0.4 percent. Charges for professional services and hospital and related services increased 0.5 and 0.2 percent, respectively.

Entertainment costs increased 0.2 percent in February, following a 0.4 percent rise in January. The indexes for toys and sporting goods and equipment, which turned up in January, declined in February.

The index for other goods and services increased 0.8 percent in February, its largest advance since a similar rise in September 1992. A 1.0 percent increase in the index for personal and educational expenses accounted for about four-fifths of the February advance. Charges for legal fees and personal financial services rose 1.5 and 2.8 percent, respectively.

CPI for Urban Wage Earners and Clerical Workers (CPI-W)

On a seasonally adjusted basis, the CPI for Urban Wage Earners and Clerical Workers also rose 0.3 percent in February.