January 2014 Consumer Price Index

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The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.1 percent in January on a seasonally adjusted basis, the U.S. Bureau of Labor Statistics reported today. Over the last 12 months, the all items index increased 1.6 percent before seasonal adjustment.

Increases in the indexes for household energy accounted for most of the all items increase. The electricity index posted its largest increase since March 2010, and the indexes for natural gas and fuel oil also rose sharply. These increases more than offset a decline in the gasoline index, resulting in a 0.6 percent increase in the energy index.

The index for all items less food and energy also rose 0.1 percent in January. A 0.3 percent increase in the shelter index was the major contributor to the rise, but the indexes for medical care, recreation, personal care, and tobacco also increased. In contrast, the indexes for airline fares, used cars and trucks, new vehicles, and apparel all declined in January. The food index rose slightly in January. The index for food at home rose 0.1 percent, with major grocery store food groups mixed.

The all items index increased 1.6 percent over the last 12 months; this compares to a 1.5 percent increase for the 12 months ending December. The index for all items less food and energy has also risen 1.6 percent over the last 12 months. The energy index has risen 2.1 percent over the span, and the food index has increased 1.1 percent.

Seasonally adjusted changes from preceding month Un- adjusted 12-mos. July Aug. Sep. Oct. Nov. Dec. Jan. ended 2013 2013 2013 2013 2013 2013 2014 Jan. 2014

Consumer Price Index Data for January 2014

Food

The food index rose 0.1 percent in January. The food at home index increased 0.1 percent, with the major grocery store food group indexes mixed. Three of the six increased, including the indexes for cereals and bakery products and for dairy and related products, which both rose 0.5 percent. The index for meats, poultry, fish, and eggs also increased, rising 0.4 percent. In contrast, the fruits and vegetables index declined in January, falling 0.3 percent, while the index for nonalcoholic beverages fell 0.2 percent. The index for other food at home was unchanged in January. The food index has risen 1.1 percent over the past year, with the food at home index up 0.5 percent. The index for meats, poultry, fish, and eggs has risen 3.3 percent over the last 12 months. The index for cereals and bakery products has also risen over that span, but the other major grocery store food group indexes have declined. The index for food away from home rose 0.1 percent in January and has increased 2.0 percent over the last 12 months.

Energy

The energy index rose 0.6 percent in January as a decline in the gasoline index was more than offset by increases in household energy components. The electricity index rose 1.8 percent, its largest increase since March 2010. The index for natural gas also rose sharply, increasing 3.6 percent, and the fuel oil index increased 3.7 percent. The gasoline index, which rose in December, fell 1.0 percent in January. (Before seasonal adjustment, gasoline prices rose 1.4 percent in January.) The energy index has increased 2.1 percent over the last year, with all major components posting increases, though the gasoline index has increased only 0.1 percent.

All items less food and energy

The index for all items less food and energy rose 0.1 percent in January. The shelter index rose 0.3 percent, with the indexes for rent and owners' equivalent rent both rising 0.2 percent, and the index for lodging away from home advancing 1.3 percent. The medical care index rose 0.3 percent in January. The index for medical care commodities advanced 0.5 percent as the prescription drug index rose 0.6 percent. The index for medical care services increased 0.2 percent. The recreation index rose 0.2 percent, as did the index for personal care. The tobacco index increased 0.7 percent, its largest increase since July. In contrast to these increases, the index for airline fares fell sharply in January, declining 2.2 percent. The index for used cars and trucks fell 0.5 percent. The new vehicles index declined as well, falling 0.3 percent. The apparel index, which rose in December, also declined 0.3 percent. The index for household furnishings and operations was unchanged in January.

The index for all items less food and energy has risen 1.6 percent over the last 12 months; this is the smallest 12-month change since June. The shelter index has risen 2.6 percent over the last 12 months, while the medical care index has risen 2.1 percent. The indexes for airline fares and apparel have both declined over the last year.

Not seasonally adjusted CPI measures

The Consumer Price Index for All Urban Consumers (CPI-U) increased 1.6 percent over the last 12 months to an index level of 233.916 (1982-84=100). For the month, the index rose 0.4 percent prior to seasonal adjustment.

The Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) increased 1.6 percent over the last 12 months to an index level of 230.040 (1982-84=100). For the month, the index rose 0.4 percent prior to seasonal adjustment.

The Chained Consumer Price Index for All Urban Consumers (C-CPI-U) increased 1.4 percent over the last 12 months. For the month, the index rose 0.4 percent on a not seasonally adjusted basis. Please note that the indexes for the post-2012 period are subject to revision.

C-CPI-U Index Revisions

As scheduled, effective with this release of data for January 2014, the Chained Consumer Price Index for All Urban Consumers (C-CPI-U) has undergone its annual revision. Because the current expenditure data required for the calculation of the C-CPI-U are available only with a time lag, the index is issued first in preliminary form, using the latest available expenditure data at the time of publication, and is subject to two subsequent revisions. Therefore, C-CPI-U indexes for the 12 months of 2012 are issued in final form - employing monthly expenditure weights from 2012. Values for the 12 months of 2013 are revised and issued as interim, using expenditure weights from the 2011-2012 period. Calculation of the initial value of the January 2014 C-CPI-U index, and all subsequent months in 2014, will also be based upon 2011-2012 expenditure weights.

Expenditure Weight Update

Effective with this release of the January 2014 CPI, the Bureau of Labor Statistics (BLS) has updated the consumption expenditure weights in the Consumer Price Index for All Urban Consumers (CPI-U) and Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) to the 2011-2012 period. The updated expenditure weights for these indexes replace the 2009-2010 weights that were introduced effective with the January 2012 CPI release.

Chained Consumer Price Index for All Urban Consumers (C-CPI-U) Annual Average Indexes Discontinued

The final revisions of the C-CPI-U indexes for 2012 are available as of February 2014. Annual average indexes for C-CPI-U series will not be published for time periods after 2012. (Monthly C-CPI-U indexes will continue to be published.) In February 2014, the annual average indexes for the final estimates for 2012 C-CPI-U series will be published in the public CPI database. Table 1CA will not be published.

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