Consumer Price Index Increases 0.4% in February; All-Item Index Up 6.0% Year-Over-Year

The US Bureau of Labor Statistics on Tuesday (3-14-22) reported that the Consumer Price Index for All Urban Consumers (CPI-U) increased 0.4% in February, on a seasonally adjusted basis, after increasing 0.5% in January and declining 0.1% in December. Over the past 12 months, the all-item index has increased 6.0% before seasonal adjustment.

The index for shelter was the largest contributor to the monthly all items increase (more than 70%), with the indexes for food, recreation, and household furnishings and operations also contributing. The food index increased 0.4% over the month, with the food at home index rising 0.3%. The energy index decreased 0.6% over the month as natural gas and fuel oil indexes both declined.

The index for all items less food and energy rose 0.5% in February, after increasing 0.4% in January. In February, the following categories had increases: shelter, recreation, household furnishings, and operations, and airline fares. The index for used cars and trucks and the index for medical care were among those that declined during the month of February.

The index for all items less food and energy for the 12-month period ending in February rose 6.0%. This is the smallest 12-month increase since the period ending in September 2021. The all items less food and energy index rose 5.5% over the last 12 months, its smallest increase since December 2021. The energy index increased 5.2%, and the food index rose 9.5% over the past year.