RJS; MarketWatch 666, Covered here is everything having a major price change. This includes the 2.4% increase in the price index for men’s underwear, the 3.8% increase in the price index for women’s underwear, and also prices for what are now more than 40 items having a double-digit year over year increase. CPI Rose 0.8% in February on Higher Prices for Food, Fuel, Clothing, Appliances, Rent, Insurance, & Airfare; Annual Inflation at a 40 Year High The consumer price index rose 0.8% in February, as higher prices for food, fuel. clothing, rent, airfares, health and car insurance, and appliances and were only slightly offset by lower prices for electricity, used vehicles, and telephone hardware . . . the Consumer Price Index Summary from the
Topics:
Angry Bear considers the following as important: Hot Topics, MarketWatch 666, RJS, US/Global Economics
This could be interesting, too:
Joel Eissenberg writes The business of aging
Angry Bear writes And It Makes No Difference Whether the Needed Fifth Vote is Missing Because . . .
Angry Bear writes A Proposal to Address the Housing Crisis
Joel Eissenberg writes The Administrative state
RJS; MarketWatch 666, Covered here is everything having a major price change. This includes the 2.4% increase in the price index for men’s underwear, the 3.8% increase in the price index for women’s underwear, and also prices for what are now more than 40 items having a double-digit year over year increase.
CPI Rose 0.8% in February on Higher Prices for Food, Fuel, Clothing, Appliances, Rent, Insurance, & Airfare; Annual Inflation at a 40 Year High
The consumer price index rose 0.8% in February, as higher prices for food, fuel. clothing, rent, airfares, health and car insurance, and appliances and were only slightly offset by lower prices for electricity, used vehicles, and telephone hardware . . . the Consumer Price Index Summary from the Bureau of Labor Statistics indicated that seasonally adjusted prices averaged 0.8% higher in February, after rising by 0.6% in January. by 0.6% in December, by 0.7% in November, by 0.9% in October, by 0.4% in September, by 0.3% in August, by 0.5% in July, by 0.9% in June, by 0.7% in May, by 0.6% in April, by 0.6% in March, and by 0.4% last February . . . the unadjusted CPI-U index, which was originally set with prices of the 1982 to 1984 period equal to 100, rose from 281.148 in January to 283.716 in February, which left it statistically 7.871% higher than the index reading of 263.014 in February of last year, which is reported as a 7.9% year over year increase, up from the 7.5% year over year increase reported a month ago, and the greatest one year price increase since January 1982…with both food and energy prices rising more than the overall index increase, seasonally adjusted core prices, which exclude food and energy, were only up by 0.5% for the month, as the unadjusted core price index rose from 285.996 to 263.014, which left the core index 6.4142% ahead of its year ago reading of 270.696, which is reported as a 6.4% year over year increase, up from the 6.0% year over year core price increase that was reported in January, and the greatest year over year core price increase since August 1982…
Above we are including a graph of the year over year percentage change in the Consumer Price Index (click on it for a bigger picture) . . . while it’s clear that prices have recently spiked, the current increase still doesn’t compare to the 10 years of price increases in the 70s, when each year’s greater price increases were compounded on the prior year’s..
The volatile seasonally adjusted energy price index rose 3.5% in February, after rising by 0.9% in January, by 0.9% in December, by 2.4% in November, by 3.7% in October, by 1.2% in September, and by 1.9% in August, and is now 25.6% higher than in February of a year ago . . . the price index for energy commodities was 6.7% higher in February, while the price index for energy services was 0.4% lower, after it had risen 2.9% in January . . . the energy commodity index was up 6.7% on a 6.6% increase in the price of gasoline and a 7.7% increase in the price of fuel oil, while prices for other energy commodities, including propane, kerosene, and firewood, were on average 3.9% higher . . . within energy services, the price index for utility gas service rose 1.5% after falling 0.5% in January and is now 23.9% higher than it was a year ago, while the electricity price index fell 1.1% in February after rising 2.4% in January . . . energy commodities are now averaging 37.9% higher than their year ago levels, with gasoline prices averaging 38.0% higher than they were a year ago, while the energy services price index is up 12.6% from last February, as electricity prices are still 9.0% higher than a year ago…
Meanwhile, the seasonally adjusted food price index rose 1.0% in February, after rising by 0.9% in January, by 0.5% in December, by 0.8% in November, by 0.9% in October, by 0.9% in September, by 0.4% in August, and by 0.7% in July, as the price index for food purchased for use at home was 1.4% higher in February, after rising by 0.4% in January, by 0.4% in December, by 0.9% in November, and by 0.9% in October, while the index for food bought to eat away from home was 0.4% higher, as average prices at fast food outlets rose 0.3%, and prices at full service restaurants rose 0.6%, while food prices at employee sites and schools averaged 2.0% lower…
In the food at home categories, the price index for cereals and bakery products was 1.1% higher, as average bread prices rose 0.4%, the price index for breakfast cereal rose 1.1%, the price index for fresh sweet rolls, coffeecakes, and doughnuts rose 4.1%, the price index for frozen and refrigerated bakery products, pies, tarts, turnovers rose 1.4%, the price index for cookies rose 1.9%, and the price index for fresh biscuits, rolls, muffins rose 2.4% . . . in addition, the price index for the meats, poultry, fish, and eggs food group was 1.2% higher, as the price index for beef and veal rose 0.8%, the price index for ham rose 3.0%, the price index for poultry rose 1.7%, the price index for fish and seafood rose 1.1%, and the price index for eggs rose 2.2% . . . meanwhile, the seasonally adjusted price index for dairy products was 1.9% higher, as milk prices rose 3.5%, and the price index for ice cream and related products rose 1.6% . . . at the same time, the fruits and vegetables price index was 2.3% higher, as the price index for fresh fruits and vegetables rose 2.6% as prices for citrus fruits rose 6.8%, the price index for canned vegetables rose 2.1%, the price index for frozen vegetables rose 2.7%, and the price index for processed fruits and vegetables other than those canned or frozen rose 1.4% . . . moreover, the beverages price index was 1.6% higher, as the price index for carbonated drinks rose 1.5%, the price index for frozen noncarbonated juices and drinks rose 4.6%, the price index for coffee rose 1.5% and price index for other beverage materials including tea rose 2.5% . . . lastly, the price index for the ‘other foods at home’ category rose 0.8%, as the price index for sugar and sweets rose 1.1%, the price index for fats and oils rose 1.4%, the price index for soups rose 3.9%, the price index for snacks rose 1.6%, and the price index for prepared salads was 2.6% higher….
The itemized list for price changes of over 100 separate food items is included at the beginning of Table 2 for this release, which also gives us a line item breakdown for prices of more than 200 CPI items overall . . . since last January, the price index for uncooked beef steaks is still up 16.9%, the price index for uncooked beef roasts is up 18.6%, the price index for ground beef is up 13.6%, the price index for other beef and veal is up 19.2%, the price index for bacon, breakfast sausage, and related products is up 17.1%, the price index for lunchmeats is up 11.0%, the price index for pork chops is up 13.4%, the price index for “other pork including roasts, steaks, and ribs” is up 15.6%, the price index for chicken is up 13.2%, the price index for fresh fish and seafood is up 11.8%, the price index for eggs is up 11.4%, the price index for flour and prepared flour mixes is up 11.6%, the price index for crackers, bread, and cracker products is up 12.7%, the price index for fresh sweet rolls, coffeecakes, doughnuts is up 11.2%, the price index for fresh whole milk is up 12.4%, the price index for citrus fruit is up 16.2%, the price index for roast coffee is up 10.9%, the price index for frozen and freeze dried prepared foods is up 11.1%, the price index for margarine is up 11.4%, and the price index for ‘other fats and oils including peanut butter’ but not butter or margarine is up 15.6%, while the price of food at employee sites and schools has fallen 40.7% over the past year, on a 53.3% drop in food prices at elementary and secondary schools…
Among the seasonally adjusted core components of the CPI, which rose by 0.5% in February after rising by 0.6% in January, by 0.6% in December, by 0.5% in November, by 0.6% in October, by 0.3% in September, by 0.2% in August, and by 0.3% in July, the composite price index of all goods less food and energy goods was 0.4% higher in February, while the more heavily weighted composite for all services less energy services rose 0.5%….
Among the goods components, which will be used by the Bureau of Economic Analysis to adjust January’s retail sales for inflation in national accounts data, the price index for household furnishings and supplies was 0.8% higher, as the price index for major appliances rose 1.8%, the price index for floor coverings rose 4.8%. the price index for dishes and flatware rose 2.1%, the price index for tools, hardware and household supplies rose 0.9%, the price index for clocks, lamps, and decorator items rose 3.9% and the price index for household cleaning products rose 1.9% . . . at the same time, the apparel price index was 0.7% higher on a 2.5% increase in the price index for men’s pants and shorts, a 2.4% increase in the price index for men’s underwear, nightwear, swimwear, and accessories, a 1.6% increase in the price index for women’s dresses, a 3.8% increase in the price index for women’s underwear, nightwear, swimwear, and accessories, a 2.1% increase in the price index for infants’ and toddlers’ apparel, and a 2.5% increase in the price index for boys and girls’ footwear . . . in addition, the price index for transportation commodities other than fuel was 0.1% higher, as prices for new cars and trucks were 0.3% higher, prices for used cars and trucks were 0.2% lower, tire prices were 1.5% higher, the price index for parts and equipment other than tires rose 1.9% and the price index for motor oil, coolant, and fluids rose 1.3%…meanwhile, the price index for medical care commodities was 0.3% higher. as prescription drug prices rose 0.3%, nonprescription drug prices rose 0.7%, but the price index for medical equipment and supplies was 0.5% lower . . . at the same time, the recreational commodities index was 0.9% higher despite an 0.9% decrease in TV prices, on a 2.3% increase in the price index for pets, pet supplies, accessories, a 2.4% increase in the price index for toys, games, hobbies and playground equipment, a 3.5% increase in the price index for recreational reading materials and a 1.6% increase in the price index for sports equipment . . . on the other hand, the education and communication commodities index was 0.7% lower on a 1.7% decrease in the price index for smartphones, a 0.4% decrease in the price index for college textbooks, and a 0.5% decrease in the price index for computer software and accessories . . . lastly, a separate price index for alcoholic beverages was 0.8% higher, while the price index for ‘other goods’ was 0.9% higher on a 1.2% increase in the price index for cosmetics, perfume, bath, nail preparations and implements and a 2.3% increase in the price index for miscellaneous personal goods . . . the consumer price index for commodities less food and energy commodities is now up 12.3% from a year ago, the largest annual rise in that index since May 1975…
We’ll also include a long term graph of that composite price index for all commodities less food and energy commodities below; imo, the BLS made an unfortunate word choice by using ‘commodities’ to describe this index, as it does not refer to what most people would think of as commodities, but rather the prices of those goods sold at retail, after excluding the price changes of groceries and gasoline . . . hence, this is the index that we use to deflate core retail sales each month . . . again, click on the graph for a better picture of it…
Within core services, the price index for shelter was 0.5% higher as rents rose 0.6% and homeowner’s equivalent rent was 0.4% higher, while prices for lodging away from home at hotels and motels rose 2.5%, while at the same time the shelter sub-index for water, sewers and trash collection was 0.5% higher, and the price index for domestic services was 0.6% higher . . . meanwhile, the price index for medical care services was 0.1% higher, even while both the price index for physicians’ services and the price index for hospital services were 0.1% lower, as price index for health insurance rose 1.9% . . . at the same time, the transportation services price index was 1.4% higher, as the price index for car and truck rentals rose 3.5%, the price index for airline fares rose 5.2%, the price index for motor vehicle repairs rose 4.3%, and the price index for motor vehicle insurance rose 1.2% . . . in addition, the recreation services price index rose 0.6% as the price index for admission to sporting events rose 2.7%, the price index for rental of video discs and other media rose 2.1%, and the price index for pet services rose 1.3% . . . at the same time, the index for education and communication services was 0.1% higher as the price index for college tuition and fees rose 0.2%, the price index for day care and preschool rose 0.3%, the price index for delivery services rose 1.3%, and the price index for residential telephone services rose 0.5%…lastly, the index for other personal services was 1.2% higher as the price index for legal services rose 2.0%, the price index for financial services rose 1.5%, the price index for other haircuts and other personal care services rose 1.1%, and the price index for apparel services other than laundry and dry cleaning services was 1.2% higher..
Among core line items, the price index for admission to sporting events, which has risen 20.9% since last February, the price index for airline fares, which is now up 12.7% year over year, the price index for car and truck rental, which is 24.3% higher than a year ago, the price index for used car and trucks, which is still up 41.2% from a year ago, the price index for new cars, which has risen 12.1% over the same span, the price index for new trucks, which is up 12.4% since last February, the price index for tires, which is up 15.4% over the same period, the price index for vehicle parts and equipment other than tires, which is now 11.3% higher than a year ago, the price index for vehicle body work, which is now up 11.9% year over year, the price index for motor oil, coolant, and fluids which has risen 13.4% since last February, the price index for lodging away from home including at hotels and motels, which has now risen 29.0% from a year ago, the price index for bedroom furniture, which has risen 15.9% year over year, the price index for living room, kitchen and dining room furniture, which is now up 19.3% over the last 12 months, the price index for “other” furniture, which is up 12.9% from a year ago, the price index for laundry equipment, which has risen 11.5% over the past year, the price index for outdoor equipment and supplies, which has risen 11.7% over the same span, the price index for floor coverings, which has risen 11.3% since last February, the price index for window coverings, which has risen 11.2% year over year, the price index for men’s suits, sport coats, and outerwear, which is up 12.2% from a year ago, the price index for men’s shirts and sweaters, which has risen 12.8%, the price index for women’s dresses, which is up 13.5% year over year, the price index for stationery, stationery supplies, and gift wrap, which is up 12.1% from a year ago, and the price index for checking account and other bank services, which has risen 10.0% since last year, have all seen prices rise by more than 10% over the past year, while the price index for smartphones, which has fallen 13.2% from a year ago, is the only core line item to have decreased in price by a double digit magnitude over that one year span…