March 2014 Consumer Price Index

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The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.2 percent in March on a seasonally adjusted basis, the U.S. Bureau of Labor Statistics reported today. Over the last 12 months, the all items index increased 1.5 percent before seasonal adjustment.

Increases in the shelter and food indexes accounted for most of the seasonally adjusted all items increase. The food index increased 0.4 percent in March, with several major grocery store food groups increasing notably. The energy index, in contrast, declined slightly in March as decreases in the gasoline and fuel oil indexes more than offset increases in the indexes for electricity and natural gas.

The index for all items less food and energy also rose 0.2 percent in March. Besides the 0.3 percent increase in the shelter index, the indexes for medical care, for apparel, for used cars and trucks, and for airline fares also increased. The indexes for household furnishings and operations and for recreation both declined in March.

The all items index increased 1.5 percent over the last 12 months; this compares to a 1.1 percent increase for the 12 months ending February. The index for all items less food and energy has increased 1.7 percent over the last 12 months, as has the food index. The energy index has risen slightly over the span, advancing 0.4 percent.

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

Consumer Price Index Data for March 2014

Food

The food index rose 0.4 percent in March, the same increase as in February. Four of the six major grocery store food groups increased in March, three of them sharply. The index for meats, poultry, fish, and eggs posted the largest increase, rising 1.2 percent, the same increase as in February. The index for dairy and related products rose 1.0 percent in March, its fifth consecutive increase. The index for fruits and vegetables, which rose 1.1 percent in February, rose 0.9 percent in March. The index for fresh fruits rose 3.1 percent, while the index for fresh vegetables declined 1.6 percent. The index for cereals and bakery products rose 0.2 percent in March, while the indexes for nonalcoholic beverages and for other food at home both declined. The food at home index has risen 1.4 percent over the last year, its largest 12-month increase since August 2012. The index for meats, poultry, fish, and eggs increased the most over the span, rising 5.1 percent, while the index for nonalcoholic beverages was the only one to decline, falling 1.8 percent. The index for food away from home rose 0.3 percent in March, the same increase as in February, and has increased 2.3 percent over the last 12 months.

Energy

The energy index fell 0.1 percent in March after a 0.5 percent decline in February. The gasoline index declined 1.7 percent in March, the same decline as in February. (Before seasonal adjustment, gasoline prices rose 5.1 percent in March). The fuel oil index also declined, falling 2.9 percent after rising 4.1 percent the previous month. In contrast, the index for natural gas rose sharply, increasing 7.5 percent, its largest one-month increase since October 2005. It has increased 15.3 percent over the last three months. The electricity index also increased, rising 1.1 percent. Over the last 12 months, the energy index has increased 0.4 percent, with the natural gas index rising 16.4 percent, the electricity index increasing 5.3 percent, and the fuel oil index advancing 2.1 percent. These increases more than offset a 4.7 percent decline in the gasoline index.

All items less food and energy

The index for all items less food and energy increased 0.2 percent in March. Almost two-thirds of this increase was accounted for by the shelter index, which rose 0.3 percent. The indexes for rent and owners’ equivalent rent both rose 0.3 percent, while the index for lodging away from home rose 1.5 percent. The medical care index rose 0.2 percent in March. Among medical care components, the hospital services index increased 0.8 percent, but the index for prescription drugs fell 0.2 percent. The apparel index, which fell 0.3 percent in February, increased 0.3 percent in March. The index for used cars and trucks rose 0.4 percent, while the index for airline fares advanced 0.5 percent. The indexes for alcoholic beverages, for tobacco, and for personal care also rose in March. The index for new vehicles was unchanged in March. The recreation index declined in March, falling 0.1 percent, as did the index for household furnishings and operations.

The index for all items less food and energy has risen 1.7 percent over the last 12 months. The shelter index has risen 2.7 percent over the last 12 months; this is the largest 12-month increase since the period ending March 2008. Several components have increased only slightly over the last year, including apparel (0.5 percent), recreation (0.3 percent), new vehicles (0.2 percent), and used cars and trucks (0.1 percent).

Not seasonally adjusted CPI measures

The Consumer Price Index for All Urban Consumers (CPI-U) increased 1.5 percent over the last 12 months to an index level of 236.293 (1982-84=100). For the month, the index rose 0.6 percent prior to seasonal adjustment.

The Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) increased 1.4 percent over the last 12 months to an index level of 232.560 (1982-84=100). For the month, the index rose 0.7 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 0.6 percent on a not seasonally adjusted basis. Please note that the indexes for the post-2012 period are subject to revision.

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