February 2020 Consumer Price Index

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The Consumer Price Index for All Urban Consumers (CPI-U) rose 0.1 percent in February on a seasonally adjusted basis, the same increase as in January, the U.S. Bureau of Labor Statistics reported today. Over the last 12 months, the all items index increased 2.3 percent before seasonal adjustment.

Increases in the indexes for shelter and for food were the main causes of the increase in the seasonally adjusted all items index, more than offsetting a decline in the energy index. The food index increased 0.4 percent over the month, with the food at home index rising 0.5 percent, its largest monthly increase since May 2014. The index for energy fell 2.0 percent in February, with all of its major component indexes declining.

The index for all items less food and energy rose 0.2 percent in February, the same increase as in January. Along with the index for shelter, the indexes for apparel, personal care, used cars and trucks, education, and medical care were among those that increased in February. The indexes for recreation and airline fares declined over the month.

The all items index increased 2.3 percent for the 12 months ending February, a smaller increase than the 2.5-percent figure for the period ending January. The index for all items less food and energy rose 2.4 percent over the last 12 months. The food index rose 1.8 percent over the last 12 months, while the energy index increased 2.8 percent over that period.

Seasonally adjusted changes from preceding month Un- adjusted 12-mos. Aug. Sep. Oct. Nov. Dec. Jan. Feb. ended 2019 2019 2019 2019 2019 2020 2020 Feb. 2020

Food

The food index increased 0.4 percent in February, after rising 0.2 percent in January. The index for food at home increased 0.5 percent in February after a 0.1-percent increase the prior month. Five of the six major grocery store food group indexes increased in February. The index for dairy and related products rose 1.1 percent, its largest rise since March 2014. The index for other food at home rose 0.8 percent, while the indexes for cereals and bakery products and for nonalcoholic beverages both advanced 0.5 percent.

The index for meats, poultry, fish, and eggs increased 0.2 percent in February after being unchanged in January. The only major grocery store food group index not to increase over the month was fruits and vegetables, which was unchanged in February after rising slightly in January.

The index for food away from home rose 0.2 percent in February following a 0.4- percent increase in January. The index for limited service meals rose 0.3 percent, while the index for full service meals increased 0.2 percent over the month.

The food at home index increased 0.8 percent over the last 12 months. The index for dairy and related products increased 3.6 percent, its largest 12-month increase since the period ending January 2015. The index for meats, poultry, fish, and eggs rose 1.9 percent. The remaining groups posted smaller increases, except for the fruits and vegetables index, which fell 1.6 percent over the last 12 months. The index for food away from home rose 3.0 percent over the last year. The index for full service meals increased 3.4 percent and the index for limited service meals rose 2.7 percent.

Energy

The energy index declined 2.0 percent in February after falling 0.7 percent in January. All of the major energy component indexes declined over the month. The gasoline index fell 3.4 percent in February after a 1.6-percent decline the prior month. Before seasonal adjustment, gasoline prices fell 3.8 percent in February. The fuel oil index fell 8.5 percent in February. The index for natural gas declined 0.9 percent, and the index for electricity decreased slightly, falling 0.1 percent.

Despite the February decline, the energy index increased 2.8 percent over the past 12 months, with its major component indexes mixed. The gasoline index increased 5.6 percent, while the electricity index advanced 0.6 percent over the last year. However, the index for natural gas fell 2.0 percent over the last year and the index for fuel oil declined 5.9 percent over the 12-month span.

All items less food and energy

The index for all items less food and energy increased 0.2 percent in February. The shelter index increased 0.3 percent in February after rising 0.4 percent the prior month. The rent index increased 0.3 percent and the owners’ equivalent rent index advanced 0.2 percent.

The apparel index rose 0.4 percent in February following a 0.7-percent increase the prior month. The personal care index also increased 0.4 percent over the month. The index for used cars and trucks rose 0.4 percent in February after falling 1.2 percent in January. The education index increased 0.3 percent in February, and the motor vehicle insurance index rose 0.5 percent. The indexes for household furnishings and operations, for new vehicles, for tobacco, and for alcoholic beverages also increased over the month.

The medical care index rose 0.1 percent in February with its major component indexes mixed. The index for physicians’ services rose 0.2 percent, while the index for prescription drugs fell 0.8 percent and the index for hospital services declined 0.1 percent.

The recreation index was one of the few to decline over the month, falling 0.3 percent after increasing in each of the previous 4 months. The index for airline fares also fell in February, decreasing 0.3 percent after rising in January. The communication index was unchanged over the month.

The index for all items less food and energy rose 2.4 percent over the past 12 months. The shelter index rose 3.3 percent over the 12-month span, and the medical care index rose 4.6 percent. Indexes with more modest 12-month increases include recreation (1.5 percent) and new vehicles (0.4 percent). Among the few indexes to decline over the 12-month span were used cars and trucks (-1.3 percent) and apparel (-0.9 percent).

Not seasonally adjusted CPI measures

The Consumer Price Index for All Urban Consumers (CPI-U) increased 2.3 percent over the last 12 months to an index level of 258.678 (1982-84=100). For the month, the index increased 0.3 percent prior to seasonal adjustment.

The Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) increased 2.3 percent over the last 12 months to an index level of 251.935 (1982-84=100). For the month, the index increased 0.2 percent prior to seasonal adjustment.

The Chained Consumer Price Index for All Urban Consumers (C-CPI-U) increased 2.1 percent over the last 12 months. For the month, the index increased 0.3 percent on a not seasonally adjusted basis. Please note that the indexes for the past 10 to 12 months are subject to revision.