The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.5 percent in October, before seasonal adjustment, the Bureau of Labor Statistics of the U.S. Department of Labor reported today. The October level of 190.9 (1982-84=100) was 3.2 percent higher than in October 2003.
The Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) increased 0.6 percent in October, prior to seasonal adjustment. The October level of 186.5 was 3.2 percent higher than in October 2003.
The Chained Consumer Price Index for All Urban Consumers (C-CPI-U) increased 0.5 percent in October on a not seasonally adjusted basis. The October level of 111.1 (December 1999=100) was 2.7 percent higher than in October 2003. Please note that the indexes for the post-2002 period are subject to revision.
CPI for All Urban Consumers (CPI-U)
On a seasonally adjusted basis, the CPI-U increased 0.6 percent in October, following a 0.2 percent rise in September. Energy costs, which had declined in each of the preceding three months after advancing sharply in the first half of the year, increased 4.2 percent in October, accounting for over half of the advance in the overall CPI-U. Within energy, the index for petroleum-based energy increased 8.5 percent, while the index for energy services declined 0.9 percent. The index for food, which was unchanged in September, rose 0.6 percent in October. The index for food at home rose 0.8 percent, reflecting a 6.0 percent increase in the index for fruits and vegetables. The index for all items less food and energy advanced 0.2 percent in October, following a 0.3 percent rise in September. The indexes for lodging away from home and for used cars, which accounted for more than half of the September increase in the index for all items excluding food and energy, registered small increases in October. This moderation was largely offset by upturns in the indexes for household furnishings and operations, for new vehicles, and for apparel.During the first ten months of 2004, the CPI-U rose at a 3.9 percent seasonally adjusted annual rate (SAAR). This compares with an increase of 1.9 percent for all of 2003. The index for energy, which increased 6.9 percent in 2003, advanced at a 22.5 percent SAAR in the first ten months of 2004. Petroleum-based energy costs increased at a 41.4 percent annual rate and charges for energy services rose at a 4.5 percent annual rate. The food index has increased at a 3.0 percent rate thus far in 2004, following a 3.6 percent rise for all of 2003. Excluding food and energy, the CPI-U advanced at a 2.4 percent SAAR in the first ten months of 2004 after increasing 1.1 percent in 2003.
The food and beverages index increased 0.5 percent in October. The index for food at home advanced 0.8 percent, reflecting a 6.0 percent increase in the index for fruits and vegetables. The indexes for fresh fruits and for fresh vegetables rose 6.3 and 8.8 percent, respectively. The index for processed fruits and vegetables rose 0.4 percent. Increases in the indexes for cereal and bakery products and for other food at home--up 0.4 and 0.3 percent, respectively--also contributed to the October advance. Partially offsetting these increases were declines in the other three major grocery store food groups--for meats, poultry, fish, and eggs, for nonalcoholic beverages, and for dairy products. The indexes for meats, poultry, fish, and eggs and for nonalcoholic beverages each declined 0.3 percent. Within the former category, the indexes for beef, for pork, and for poultry all declined in October. During the last 12 months, however, poultry prices have increased 8.3 percent, beef prices, 7.4 percent and pork prices, 5.3 percent. In October, the index for dairy products declined 0.2 percent. Fresh whole milk prices, which registered sharp increases earlier this year, declined for the fourth consecutive month--down 2.2 percent in October. The other two components of the food and beverage index--food away from home and alcoholic beverages-increased 0.3 and 0.1 percent, respectively.
