February 2016 Consumer Price Index

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The Consumer Price Index for All Urban Consumers (CPI-U) declined 0.2 percent in February on a seasonally adjusted basis, the U.S. Bureau of Labor Statistics reported today. Over the last 12 months, the all items index increased 1.0 percent before seasonal adjustment.

The energy index continued to decrease and was the major cause of the seasonally adjusted decline in the all items index, more than offsetting increases in the indexes for food and for all items less food and energy. The gasoline index fell sharply, declining 13.0 percent, and the indexes for fuel oil and electricity also decreased, though the index for natural gas rose.

The food index increased 0.2 percent in February, as the food at home index rose for the first time since September. Major grocery store food group indexes were mixed. The index for all items less food and energy rose 0.3 percent. Increases in the indexes for shelter, apparel, and medical care were the largest contributors to the rise, but almost all major components increased in February.

The all items index rose 1.0 percent over the last 12 months, a smaller increase than the 1.4-percent change for the 12 months ending January. The energy index fell 12.5 percent over the past year, with all of its major components declining. The food index advanced 0.9 percent, with the index for food at home declining but the food away from home index rising. The index for all items less food and energy rose 2.3 percent, its largest 12-month increase since May 2012.

Seasonally adjusted changes from preceding month Un- adjusted 12-mos. Aug. Sep. Oct. Nov. Dec. Jan. Feb. ended 2015 2015 2015 2015 2015 2016 2016 Feb. 2016

Consumer Price Index Data for February 2016

Food

The food index increased 0.2 percent in February after being unchanged in January. The food at home index turned up in February, rising 0.2 percent after declining in recent months. The index for fruits and vegetables rose for the second month in a row, increasing 0.8 percent. The index for fresh fruits rose 2.3 percent, while the fresh vegetables index declined 0.4 percent. The index for nonalcoholic beverages rose 0.6 percent in February, its largest increase since November 2014. The index for cereals and bakery products also increased in February, rising 0.2 percent. In contrast to these increases, the indexes for meats, poultry, fish, and eggs and for other food at home both declined slightly in February, each falling 0.1 percent, while the index for dairy and related products was unchanged. The food at home index has declined 0.3 percent over the past 12 months. The index for meats, poultry, fish, and eggs fell 3.7 percent over the span, and the index for dairy and related products declined 2.6 percent. The index for food away from home increased 0.1 percent in February and has risen 2.6 percent over the last 12 months.

Energy

The energy index fell 6.0 percent in February, its third consecutive decline. The gasoline index was the primary factor in the decrease; it fell 13.0 percent. (Before seasonal adjustment, gasoline prices declined 9.9 percent in February, and the index has fallen over 50 percent since June 2014.) The fuel oil index also continued to decline, falling 2.9 percent after a 6.5 percent decrease in January. The electricity index declined slightly in February, falling 0.2 percent. The index for natural gas was the only component to rise, increasing 1.0 percent after falling in each of the 5 previous months. All the energy component indexes have declined over the last 12 months, with declines ranging from 3.0 percent (electricity) to 32.1 percent (fuel oil).

All items less food and energy

The index for all items less food and energy increased 0.3 percent in February, the same increase as the prior month. The shelter index repeated its January increase of 0.3 percent, with the indexes for rent and for owners' equivalent rent both increasing 0.3 percent, and the index for lodging away from home rising 0.9 percent. The apparel index rose sharply in February, increasing 1.6 percent, its largest increase since February 2009. The medical care index rose 0.5 percent, the same increase as in January, with the index for prescription drugs rising 0.9 percent and the hospital services index advancing 0.5 percent. The index for motor vehicle insurance increased 0.4 percent in February, the same increase as last month. The index for education rose 0.3 percent. The indexes for new vehicles, used cars and trucks, alcoholic beverages, recreation, and tobacco all increased 0.2 percent in February. The indexes for personal care and for airline fares both edged up 0.1 percent, while the index for household furnishings and operations was unchanged. The communication index was one of the few to decline in February, falling 0.5 percent.

The index for all items less food and energy increased 2.3 percent over the past 12 months, a figure that has been slowly rising since it was 1.7 percent for the 12 months ending May 2015. The index for shelter has risen 3.3 percent over the last year, its largest 12-month increase since the period ending September 2007, and the medical care index has increased 3.5 percent, its largest rise since October 2012.

Not seasonally adjusted CPI measures

The Consumer Price Index for All Urban Consumers (CPI-U) increased 1.0 percent over the last 12 months to an index level of 237.111 (1982-84=100). For the month, the index increased 0.1 percent prior to seasonal adjustment.

The Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) increased 0.7 percent over the last 12 months to an index level of 230.972 (1982-84=100). For the month, the index was unchanged prior to seasonal adjustment.

The Chained Consumer Price Index for All Urban Consumers (C-CPI-U) increased 0.5 percent over the last 12 months. For the month, the index was unchanged on a not seasonally adjusted basis. Please note that the indexes for the past 10 to 12 months are subject to revision.

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