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BLS: CPI increased 0.8% in February; Core CPI increased 0.5%

by Calculated Risk on 3/10/2022 08:31:00 AM

Note: This is pre-invasion, and there will be sharp increases in energy prices for March.

From the BLS:

The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.8 percent
in February on a seasonally adjusted basis after rising 0.6 percent in January,
the U.S. Bureau of Labor Statistics reported today. Over the last 12 months,
the all items index increased 7.9 percent before seasonal adjustment.

Increases in the indexes for gasoline, shelter, and food were the largest
contributors to the seasonally adjusted all items increase. The gasoline index
rose 6.6 percent in February and accounted for almost a third of the all items
monthly increase; other energy component indexes were mixed. The food index rose
1.0 percent as the food at home index rose 1.4 percent; both were the largest
monthly increases since April 2020.

The index for all items less food and energy rose 0.5 percent in February
following a 0.6-percent increase the prior month. The shelter index was by far
the biggest factor in the increase, with a broad set of indexes also
contributing, including those for recreation, household furnishings and
operations, motor vehicle insurance, personal care, and airline fares.

The all items index rose 7.9 percent for the 12 months ending February. The
12-month increase has been steadily rising and is now the largest since the
period ending January 1982. The all items less food and energy index rose 6.4
percent, the largest 12-month change since the period ending August 1982. The
energy index rose 25.6 percent over the last year, and the food index increased
7.9 percent, the largest 12-month increase since the period ending July 1981.

emphasis added

Both CPI and core CPI were at expectations. I’ll post a graph later today after the Cleveland Fed releases the median and trimmed-mean CPI.

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