August 2014 Consumer Price Index

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The Consumer Price Index for All Urban Consumers (CPI-U) decreased 0.2 percent in August on a seasonally adjusted basis, the U.S. Bureau of Labor Statistics reported today. Over the last 12 months, the all items index increased 1.7 percent before seasonal adjustment.

The seasonally adjusted decline in the all items index was the first since April 2013. The indexes for food and shelter rose, but the increases were more than offset by declines in energy indexes, especially gasoline. The energy index fell 2.6 percent, with the gasoline index declining 4.1 percent and the indexes for natural gas and fuel oil also decreasing.

The index for all items less food and energy was unchanged in August; this was the first month since October 2010 that the index did not increase. While the shelter index increased and the indexes for new vehicles and for alcoholic beverages also rose, these advances were offset by declines in several indexes, including airline fares, recreation, household furnishings and operations, apparel, and used cars and trucks.

The all items index increased 1.7 percent over the last 12 months, a decline from the 2.0 percent figure for the 12 months ending July, and the smallest 12-month change since March. The index for all items less food and energy also rose 1.7 percent over the last 12 months. The food index has risen 2.7 percent over the span, while the energy index has increased 0.4 percent.

Seasonally adjusted changes from preceding month Un- adjusted 12-mos. Feb. Mar. Apr. May June July Aug. ended 2014 2014 2014 2014 2014 2014 2014 Aug. 2014

Consumer Price Index Data for August 2014

Food

The food index rose 0.2 percent in August after increasing 0.4 percent in July. The food at home index was also up 0.2 percent, with the six major grocery store food group indexes split between three increases and three declines. The index for meats, poultry, fish, and eggs rose 1.5 percent in August, the largest increase among the groups. The index for beef and veal rose 4.2 percent, its largest increase since November 2003. The index for dairy and related products rose 0.6 percent, and the cereals and bakery products index advanced 0.2 percent. In contrast, the index for fruits and vegetables fell 0.8 percent in August, with the indexes for fresh fruits and fresh vegetables both declining. The index for nonalcoholic beverages also declined in August; its 0.2 percent decrease was its first decline since April. The index for other food at home, which rose 0.7 percent in July, decreased 0.2 percent in August. Over the last 12 months, the food at home index has risen 2.9 percent, with the index for meats, poultry, fish and eggs up 8.8 percent. Nonalcoholic beverages was the only major grocery store food group index to decline over the span, falling 0.2 percent. The index for food away from home advanced 0.2 percent in August and has increased 2.5 percent over the past 12 months.

Energy

The energy index, which declined 0.3 percent in July, fell 2.6 percent in August, its largest decline since March 2013. The gasoline index fell 4.1 percent in August following a 0.3 percent decline in July. (Gasoline prices also decreased 4.1 percent before seasonal adjustment.) The index for natural gas also fell in August; its 2.8 percent decline was the fourth decrease in a row. The fuel oil index declined for the sixth consecutive month, falling 1.2 percent. The electricity index was the only major energy component index to increase in August, advancing 0.1 percent. Over the last 12 months, the index for natural gas has risen 5.8 percent despite the recent declines, and the electricity index has increased 4.1 percent. However, the gasoline index has decreased 2.8 percent and the fuel oil index has declined 0.2 percent.

All items less food and energy

The index for all items less food and energy was unchanged in August after rising 0.1 percent in both June and July. The shelter index advanced 0.2 percent in August after a 0.3 percent increase in July. The indexes for rent and owners’ equivalent rent both increased 0.2 percent, while the lodging away from home index rose 0.8 percent. The index for alcoholic beverages rose 0.8 percent in August, its largest increase since January 2007. The new vehicles index, which increased 0.3 percent in July, rose 0.2 percent in August, and the personal care index advanced 0.1 percent. In contrast to these increases, the index for airline fares fell sharply for the second month in a row, declining 4.7 percent. The recreation index fell 0.4 percent in August, its largest decline since December 2009. The index for household furnishings and operations fell 0.3 percent, and the apparel index declined 0.2 percent. The medical care index was unchanged in August, the first time since December 2013 it did not increase. The index for medical care services was unchanged, as was the index for prescription drugs. The tobacco index was also unchanged in August.

The index for all items less food and energy has risen 1.7 percent over the last 12 months. The shelter index has risen 2.9 percent over this span, and the medical care index has increased 2.1 percent. The index for new vehicles has risen 0.4 percent, while the indexes for apparel and for used cars and trucks are both unchanged over the span. The index for airline fares has declined 2.7 percent.

Not seasonally adjusted CPI measures

The Consumer Price Index for All Urban Consumers (CPI-U) increased 1.7 percent over the last 12 months to an index level of 237.852 (1982-84=100). For the month, the index fell 0.2 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 234.030 (1982-84=100). For the month, the index fell 0.2 percent prior to seasonal adjustment.

The Chained Consumer Price Index for All Urban Consumers (C-CPI-U) increased 1.5 percent over the last 12 months. For the month, the index fell 0.2 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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