Consumer Price Index Increases 0.4% in September; All-Items Index Up 3.7% Year-Over-Year

The US Bureau of Labor Statistics on Thursday (10-12-23) reported that the Consumer Price Index for All Urban Consumers (CPI-U) increased 0.4% in September, on a seasonally adjusted basis, after increasing 0.6% in August and 0.2% in both July and June. Over the past 12 months, the all-items index increased 3.7% before seasonal adjustment.

The index for shelter was the largest contributor to the monthly all items increase, accounting for over half of the increase. An increase in the gasoline index was also a major contributor to the all-items monthly rise. While the major energy component indexes were mixed in September, the energy index increased 1.5% over the month. The food index increased 0.2% in September, as it had in the previous two months. The index for food at home increased 0.1% over the month, while the index for food away from home rose 0.4%.

The index for all items less food and energy climbed 0.3% higher in September, the same increase as in August. Other indexes that increased in September included rent, owner’s equivalent rent, lodging away from home, motor vehicle insurance, recreation, personal care, and new vehicles. The indexes for used cars and trucks and for apparel were among those that experienced decreases over the month.

The all-items index increased 3.7% for the 12 months ending in September, the same increase as August. The all items less food and energy index rose 4.1% over the last 12 months. The energy index decreased 0.5% for the 12 months ending in September, while the food index increased 3.7% year-over-year.