March 2020 Consumer Price Index

Historical release narrative reproduced from the official public-domain source. Statistical tables, standard technical appendices, administrative material and attendance rosters are omitted; formatting is adapted for reading. Figures retain the release's historical context and may have been revised. Consult the linked source for the complete document.

The Consumer Price Index for All Urban Consumers (CPI-U) declined 0.4 percent in March on a seasonally adjusted basis, the largest monthly decline since January 2015, 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.

A sharp decline in the gasoline index was a major cause of the monthly decrease in the seasonally adjusted all items index, with decreases in the indexes for airline fares, lodging away from home, and apparel also contributing. The energy index fell 5.8 percent as the gasoline index decreased 10.5 percent. The food index rose in March, increasing 0.3 percent as the food at home index rose 0.5 percent.

The index for all items less food and energy fell 0.1 percent in March, its first monthly decline since January 2010. Along with the indexes for airline fares, lodging away from home, and apparel, the index for new vehicles declined in March. The index for shelter was unchanged, with increases in the indexes for rent and for owners’ equivalent rent offsetting the aforementioned decline in the index for lodging away from home. Indexes that increased in March include medical care, used cars and trucks, motor vehicle insurance, and education.

The all items index increased 1.5 percent for the 12 months ending March, a notably smaller increase than the 2.3-percent increase for the period ending February. The index for all items less food and energy rose 2.1 percent over the last 12 months. The food index rose 1.9 percent over the last 12 months, while the energy index declined 5.7 percent.

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

Food

The food index increased 0.3 percent in March, after rising 0.4 percent in February. The index for food at home increased 0.5 percent in March, the same increase as the prior month. All six major grocery store food group indexes increased in March. The index for nonalcoholic beverages rose 0.9 percent, its third consecutive increase. The index for fruits and vegetables rose 0.8 percent in March after being unchanged in February.

The index for dairy and related products continued to rise, increasing 0.6 percent in March after a 1.1-percent increase in February. The index for other food at home also rose 0.6 percent over the month, and the indexes for cereals and bakery products and for meats, poultry, fish, and eggs each increased 0.1 percent.

The index for food away from home rose 0.2 percent in March, the same increase as the prior month. The index for limited service meals rose 0.4 percent, while the index for full service meals was unchanged in March.

The food at home index increased 1.1 percent over the last 12 months. The index for dairy and related products increased 3.7 percent over the last year. The index for meats, poultry, fish, and eggs rose 2.3 percent, with the beef index increasing 3.8 percent. The indexes for nonalcoholic beverages and for other food at home both rose 1.4 percent over the last 12 months, while the index for cereals and bakery products increased slightly, rising 0.1 percent. The fruits and vegetables index declined 1.9 percent, with the fresh fruits index falling 3.5 percent. The index for food away from home rose 3.0 percent over the last year. The index for full service meals increased 3.2 percent and the index for limited service meals rose 2.8 percent over the last 12 months.

Energy

The energy index declined 5.8 percent in March, its largest monthly decrease since January 2015. The gasoline index fell for the third month in a row, declining 10.5 percent; before seasonal adjustment, gasoline prices fell 7.4 percent. The other major energy component indexes also declined in March. The index for fuel oil declined sharply, falling 13.7 percent. The index for natural gas fell 1.4 percent, and the electricity index decreased 0.2 percent.

The energy index fell 5.7 percent over the past 12 months, its largest 12-month decline since the period ending August 2016. The gasoline index decreased 10.2 percent, while the fuel oil index fell 20.1 percent. The index for natural gas declined more modestly, falling 2.9 percent. The electricity index increased slightly over the last 12 months, rising 0.2 percent.

All items less food and energy

The index for all items less food and energy decreased 0.1 percent in March. The shelter index was unchanged in March. The indexes for rent and owners’ equivalent rent both increased 0.3 percent, but were offset by a 6.8-percent decline in the index for lodging away from home. The airline fares index declined sharply in March, falling 12.6 percent following a 0.3-percent decline in February. The apparel index fell 2.0 percent in March after rising in each of the prior 4 months. The index for new vehicles fell 0.4 percent in March after rising in February.

The medical care index rose 0.4 percent in March, though its component indexes were mixed. The index for physicians’ services rose 0.3 percent, and the index for hospital services increased 0.4 percent. The prescription drugs index, however, decreased 0.2 percent. The index for used cars and trucks increased 0.8 percent in March, and the index for motor vehicle insurance rose 0.6 percent. The indexes for education, recreation, tobacco, alcoholic beverages, and personal care all also increased in March.

The index for all items less food and energy rose 2.1 percent over the past 12 months. The shelter index rose 3.0 percent over the 12-month span, and the medical care index rose 4.7 percent. Indexes that declined over the past 12 months include airline fares (-10.6 percent), apparel (-1.6 percent), and new vehicles (-0.4 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 258.115 (1982-84=100). For the month, the index decreased 0.2 percent prior to seasonal adjustment.

The Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) increased 1.5 percent over the last 12 months to an index level of 251.375 (1982-84=100). For the month, the index decreased 0.2 percent prior to seasonal adjustment.

The Chained Consumer Price Index for All Urban Consumers (C-CPI-U) increased 1.3 percent over the last 12 months. For the month, the index decreased 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.

Coronavirus (COVID-19) Impact on March 2020 Consumer Price Index Data

The Consumer Price Index (CPI) program suspended data collection by personal visit on March 16, 2020. When possible, data normally collected by personal visit were collected either online or by phone. Additionally, data collection in March was affected by the temporary closing or limited operations of certain types of establishments. These factors resulted in an increase in the number of prices being considered temporarily unavailable and imputed. While the CPI program attempted to collect as much data as possible, many indexes are based on smaller amounts of collected prices than usual, and a small number of indexes that are normally published were not published this month. Additional information is available at www.bls.gov/bls/effects-of-covid-19-pandemic-on-bls-price-indexes.htm#CPI.

Specific information about the impact of COVID-19 on March 2020 CPI data collection is available at www.bls.gov/cpi/additional-resources/covid19-statement-march-2020.htm.