The Consumer Price Index for All Urban Consumers (CPI-U) declined 0.3 percent in November on a seasonally adjusted basis, the U.S. Bureau of Labor Statistics reported today. Over the last 12 months, the all items index increased 1.8 percent before seasonal adjustment.

US Inflation: September – November 2012 Consumer Prices

 

The gasoline index fell 7.4 percent in November; this decrease more than offset increases in other indexes, resulting in the decline in the seasonally adjusted all items index. The energy index fell 4.1 percent in November despite increases in the indexes for natural gas and electricity. The food index rose 0.2 percent with the food at home index increasing 0.3 percent, the same increases as in October.

The index for all items less food and energy increased 0.1 percent in November after a 0.2 percent increase in October. The indexes for shelter, household furnishings and operations, airline fares, recreation, new vehicles, and medical care all increased in November, while the indexes for apparel and used cars and trucks declined.

The all items index increased 1.8 percent over the last 12 months, a decline from the 2.2 percent figure in October. The index for all items less food and energy rose 1.9 percent over the last 12 months, slightly lower than the October figure of 2.0 percent. The food index has risen 1.8 percent over the last 12 months, and the energy index has risen 0.3 percent.

Food Inflation

The food index rose 0.2 percent in November, the same increase as in October. The index for food at home rose 0.3 percent; it has risen 0.6 percent since September after rising only 0.8 percent over the twelve months ending September. Five of the six major grocery store food group indexes rose in November. The index for dairy and related products posted the largest increase, rising 0.8 percent for the second month in a row. The index for nonalcoholic beverages, which declined in October, rose 0.5 percent in November. The index for other food at home also turned up in November, rising 0.4 percent after decreasing in October. The index for cereals and bakery products rose 0.3 percent and the fruits and vegetables index increased 0.2 percent. The index for meat, poultry, fish, and eggs was the only major grocery store food group to decline, falling 0.1 percent in November after rising 0.8 percent in October. The food at home index has risen 1.3 percent over the past 12 months with all the major grocery store food groups increasing except nonalcoholic beverages, which declined 0.2 percent. The index for food away from home rose 0.1 percent for the second month in a row and has increased 2.6 percent over the last 12 months.

Energy Inflation

The energy index fell 4.1 percent in November, its sixth decline in the last eight months. The gasoline index fell 7.4 percent, its largest decrease since December 2008. (Before seasonal adjustment, gasoline prices decreased 7.7 percent in November.) The index for fuel oil declined slightly, falling 0.2 percent, but other major energy components increased. The index for electricity rose 0.7 percent, its fourth consecutive increase. The natural gas index turned up in November, rising 1.3 percent after declining slightly in October. Though volatile from month-to-month, energy price changes over the past 12 months are modest. The energy index has increased 0.3 percent over that span, with the gasoline index rising 1.9 percent and the fuel oil index increasing 2.6 percent, but the electricity index falling 0.7 percent and the index for natural gas decreasing 4.7 percent.

All items less food and energy

The index for all items less food and energy increased 0.1 percent in November after increasing 0.2 percent in October. The shelter index, which rose 0.3 percent in October, increased 0.2 percent in November, with both rent and owners’ equivalent rent rising 0.2 percent. The index for household furnishings and operations rose 0.4 percent, its largest increase since September 2008. The index for airline fares rose 1.4 percent in November, its third consecutive increase. The new vehicles index increased 0.2 percent after declining in September and October. The indexes for medical care and recreation both rose 0.1 percent in November. In contrast to these increases, the index for apparel turned down in November, falling 0.6 percent after rising the two previous months. The index for used cars and trucks also fell in November; its 0.5 percent decline was its fifth consecutive decrease. The indexes for tobacco and personal care were both unchanged in November.

The index for all items less food and energy has risen 1.9 percent over the last 12 months; this figure matches the average annualized increase over the past ten years. All major components have increased over the past 12 months except for used cars and trucks, which has declined 2.3 percent.

Not seasonally adjusted CPI measures

The Consumer Price Index for All Urban Consumers (CPI-U) increased 1.8 percent over the last 12 months to an index level of 230.221 (1982-84=100). For the month, the index declined 0.5 percent prior to seasonal adjustment.

The Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) increased 1.7 percent over the last 12 months to an index level of 226.595 (1982-84=100). For the month, the index decreased 0.6 percent prior to seasonal adjustment.

The Chained Consumer Price Index for All Urban Consumers (C-CPI-U) increased 1.6 percent over the last 12 months. For the month, the index decreased 0.4 percent on a not seasonally adjusted basis. Please note that the indexes for the post-2010 period are subject to revision.

The Consumer Price Index for December 2012 is scheduled to be released on Wednesday, January 16, 2013, at 8:30 a.m. (EST).