February 2003 Consumer Price Index

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The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.8 percent in February, before seasonal adjustment, the Bureau of Labor Statistics of the U.S. Department of Labor reported today. The February level of 183.1 (1982-84=100) was 3.0 percent higher than in February 2002.

The Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) also increased 0.8 percent in February, prior to seasonal adjustment. The February level of 179.2 was 3.2 percent higher than in February 2002.

CPI for All Urban Consumers (CPI-U)

On a seasonally adjusted basis, the CPI-U rose 0.6 percent in February, following an increase of 0.3 percent in January. Energy costs, which rose 4.0 percent in January, advanced 5.9 percent in February. Within energy, the index for petroleum-based energy advanced 10.2 percent and the index for energy services increased 1.6 percent. The index for food rose 0.7 percent in February, following a 0.2 percent decline in January. The index for food at home advanced 0.9 percent, reflecting sharp upturns in the indexes for meats, poultry, fish, and eggs and for fruits and vegetables. The index for all items less food and energy rose 0.1 percent in February, the same as in January. In February, the index for shelter was virtually unchanged and the indexes for apparel and public transportation each declined.

The food and beverages index advanced 0.6 percent in February. The index for food at home, which declined 0.2 percent in January, increased 0.9 percent in February, reflecting upturns in the indexes for meats, poultry, fish and eggs, for fruits and vegetables, and for dairy products. The index for meats, poultry, fish, and eggs, which declined 0.3 percent in January, advanced 2.0 percent in February. The index for beef and veal rose 3.3 percent, its largest monthly advance since a similar rise in January 1984. The indexes for pork and for other meats increased 1.1 and 1.7 percent, respectively. Poultry prices, which declined in December and January, increased 1.2 percent in February. The index for fruits and vegetables rose 0.8 percent in February, following a 1.2 percent decline in January. The indexes for fresh vegetables and for processed fruits and vegetables increased 1.5 and 0.9 percent, respectively, while the index for fresh fruits declined 0.1 percent. (Prior to seasonal adjustment, prices for fresh fruits and fresh vegetables declined 3.7 and 1.1 percent, respectively, while prices for processed fruits and vegetables rose 0.6 percent.) The index for dairy products, which declined 0.5 percent in January, increased 0.5 percent in February, largely as a result of a turnaround in the index for cheese and related products. The index for nonalcoholic beverages declined for the second consecutive month, down 0.4 percent in February, reflecting another decline in the index for carbonated drinks. The remaining two major grocery store food groups-- cereals and bakery products and other food at home--increased 0.9 and 0.4 percent, respectively. The index for food away from home increased 0.4 percent, while the index for alcoholic beverages decreased 0.2 percent

The index for housing rose 0.3 percent in February. Shelter costs, which increased 0.3 percent in January, were virtually unchanged in February. Within shelter, the indexes for rent and owners' equivalent rent each increased 0.2 percent, while the index for lodging away from home fell 1.8 percent. (Prior to seasonal adjustment, the index for lodging away from home rose 2.9 percent.) The index for fuels and utilities rose 2.0 percent in February. The index for fuel oil increased 15.8 percent in February, and prices for fuel oil were 48.6 percent higher than in February 2002. The index for natural gas rose 5.5 percent, bringing the increase in the past 12 months to 18.5 percent. The index for electricity increased 0.1 percent in February, but declined 0.2 percent in the last 12 months. The index for household furnishings and operations rose 0.2 percent in February.

The transportation index, which rose 1.1 percent in January, advanced 2.0 percent in February. The index for gasoline rose 9.9 percent in February, following a 6.6 percent rise in January, accounting for virtually all of the February advance in the transportation component. (Prior to seasonal adjustment, gasoline prices rose 11.1 percent in February.) As of February the price of gasoline was 4.3 percent lower than its peak level of May 2001. The index for new vehicles decreased 0.1 percent in February and during the last 12 months has fallen 1.4 percent. (As of January, about 90 percent of the new vehicle sample was represented by 2003 models.) The index for used cars and trucks rose 0.4 percent in February, but this index has declined 3.6 percent in the last 12 months. Airline fares rose 1.2 percent in February, but are 3.2 percent lower than a year earlier.

The index for apparel declined 0.2 percent in February. (Prior to seasonal adjustment, apparel prices rose 2.1 percent, reflecting the introduction of women's and girls' spring-summer apparel wear.)

Medical care costs rose 0.1 percent in February to a level 4.5 percent higher than a year ago. The index for medical care commodities-- prescription drugs, nonprescription drugs, and medical supplies--was virtually unchanged. The index for medical care services rose 0.2 percent in February. Charges for professional services and for hospital and related services increased 0.1 and 0.4 percent, respectively.

The index for recreation rose 0.3 percent in February. Increases in the indexes for club membership dues and fees for participant sports and for admissions to movies, theaters, concerts, and sporting events--up 1.2 and 0.9 percent, respectively--more than offset small declines in the indexes for toys, for sporting goods, and for photography. The indexes for video and audio and for pets, pet products and services were unchanged in February.

The index for education and communication increased 0.2 percent in February, following a 0.5 percent rise in January. In February, the education index rose 0.5 percent, while the index for communication costs fell 0.1 percent. Within the latter group, a 2.9 percent increase in the index for delivery services was more than offset by a 2.1 percent decline in the index for personal computers and peripheral equipment.

The index for other goods and services rose 0.3 percent in February. The index for miscellaneous personal services rose 0.5 percent, reflecting increases of 1.2 and 0.9 percent in charges for legal services and for financial services, respectively. The index for cigarettes was unchanged in February after declining 0.1 percent in January, but has advanced 5.3 percent during the last 12 months.

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

On a seasonally adjusted basis, the CPI for Urban Wage Earners and Clerical Workers increased 0.7 percent in February.

Chained Consumer Price Index for All Urban Consumers (C-CPI-U)

The C-CPI-U increased 0.8 percent in February on a not seasonally adjusted basis. The February level of 107.2 (December 1999=100) was 2.6 percent higher than in February 2002. Table 7 contains the most recent indexes for all items and the component series that are published. Data will be published monthly in the CPI Detailed Report and are available on the CPI home page: http://www.bls.gov/cpi/. Please note that the indexes for the post-2001 period are subject to revision.

Consumer Price Index data for March are scheduled for release on Wednesday, April 16, 2003, at 8:30 A.M. (EDT).

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