February 2004 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) increased 0.5 percent in February, before seasonal adjustment, the Bureau of Labor Statistics of the U.S. Department of Labor reported today. The February level of 186.2 (1982-84=100) was 1.7 percent higher than in February 2003.

The Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) increased 0.6 percent in February, prior to seasonal adjustment. The February level of 181.9 was 1.5 percent higher than in February 2003.

The Chained Consumer Price Index for All Urban Consumers (C-CPI-U) increased 0.6 percent in February, prior to seasonal adjustment. The February level of 108.7 (December 1999=100) was 1.4 percent higher than in February 2003. Please note that the indexes for the post-2002 period are subject to revision.

CPI for All Urban Consumers (CPI-U)

On a seasonally adjusted basis, the CPI-U rose 0.3 percent in February, following an increase of 0.5 percent in January. Energy costs, which rose 4.7 percent in January, advanced 1.7 percent in February. Within energy, the index for petroleum-based energy advanced 2.5 percent and the index for energy services increased 0.9 percent. The index for food rose 0.2 percent in February after registering no change in January. The index for all items less food and energy rose 0.2 percent in February, the same as in January.

The food and beverages index advanced 0.2 percent in February. The index for food at home, which declined 0.3 percent in January, increased 0.1 percent in February, reflecting upturns in the indexes for fruits and vegetables and for other food at home. The index for fruits and vegetables rose 1.0 percent in February, following a 1.8 percent decline in January. The indexes for fresh fruits and for fresh vegetables increased 1.6 and 0.6 percent, respectively. The index for processed fruits and vegetables rose 0.5 percent. (Prior to seasonal adjustment, prices for fresh fruits and fresh vegetables declined 2.3 and 0.9 percent, respectively.) The indexes for other food at home and for nonalcoholic beverages rose 0.8 and 0.1 percent, respectively. Partially offsetting these increases were declines in the indexes for meats, poultry, fish, and eggs and for dairy products. The index for meats, poultry, fish, and eggs declined 0.7 percent in February. The index for beef and veal, which rose sharply in 2003, fell 1.6 percent in February after declining 1.8 percent in January. The indexes for pork, for poultry, and for fish and seafood also declined in February-down 0.5, 0.7, and 0.5 percent, respectively. The index for dairy products declined for the second consecutive month-- down 0.2 percent in February. The index for cereals and bakery products was virtually unchanged in February. The other two components of the food and beverage index--food away from home and alcoholic beverages--each increased 0.3 percent.

The index for housing rose 0.2 percent in February. Shelter costs increased 0.1 percent in February, the same as in January. Within shelter, the indexes for rent and owners' equivalent rent each increased 0.2 percent, while the index for lodging away from home fell 1.6 percent. (Prior to seasonal adjustment, the index for lodging away from home rose 2.4 percent.) The index for fuels and utilities rose 0.9 percent in February, following a 1.6 percent rise in January. The index for fuel oil increased 1.1 percent in February. The indexes for natural gas and for electricity rose 2.2 and 0.2 percent, respectively. (Prior to seasonal adjustment, natural gas prices declined 1.0 percent.) The index for household furnishings and operations rose 0.2 percent in February.

The transportation index, which rose 1.7 percent in January, advanced 0.7 percent in February. The index for gasoline rose 2.5 percent in February, following an 8.1 percent rise in January, accounting for about 80 percent of the February advance in the transportation component. (Prior to seasonal adjustment, gasoline prices rose 4.7 percent in February.) As of February, the price of gasoline was 3.3 percent lower than its peak level of March 2003. The index for new vehicles registered its first increase since August--up 0.4 percent in February. During the last 12 months, new vehicle prices have fallen 0.6 percent. (As of January, about 90 percent of the new vehicle sample was represented by 2004 models.) The index for used cars and trucks also turned up in February, advancing 0.2 percent, but this index has declined 11.7 percent in the last 12 months. Airline fares rose 1.2 percent in February, but are 6.1 percent lower than in September 2001.

The index for apparel declined 0.1 percent in February. (Prior to seasonal adjustment, apparel prices rose 2.4 percent, reflecting the introduction of women's and girls' spring-summer wear.)

Medical care costs rose 0.6 percent in February to a level 4.2 percent higher than a year ago. The index for medical care commodities-- prescription drugs, nonprescription drugs, and medical supplies--increased 0.4 percent. The index for medical care services rose 0.7 percent in February. Charges for physician's services and for hospital and related services increased 1.1 and 0.5 percent, respectively.

The index for recreation, which was unchanged in January, rose 0.3 percent in February. Upturns in the indexes for toys and for video and audio, coupled with larger increases in the indexes for sporting goods and for pets, pet products and services, more than offset a larger decline in the index for photography.

The index for education and communication increased 0.3 percent in February. The education index rose 0.5 percent, while the index for communication costs was unchanged. Within the latter group, a 0.1 percent increase in the index for telephone services was offset by a 1.2 percent decline in the index for personal computers and peripheral equipment.

The index for other goods and services rose 0.2 percent in February. A 0.1 percent decline in the index for tobacco and smoking products was more than offset by a 0.3 percent increase in the index for personal care. Within personal care, the indexes for legal services and funeral expenses rose 0.8 and 0.7 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 increased 0.3 percent in February.

Consumer Price Index data for March are scheduled for release on Wednesday, April 14, 2004, at 8:30 A.M. (EDT).

CPI (Old Weights)

For the first six months of 2004, BLS also will calculate Old Weights CPI-U and Old Weights CPI-W based on the 1999-2000 expenditure pattern used in the CPI from 2002 through 2003. These Old Weight data are contained in tables 1(OW)-4(OW). From January to February, the Old Weight CPI-U rose 0.5 percent and the Old Weight CPI-W rose 0.6 percent. Note these series are not seasonally adjusted.

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