The Consumer Price Index for All Urban Consumers (CPI-U) had risen 0.5% in January, but only increased 0.2% on a seasonally adjusted basis in February, the U.S. Bureau of Labor Statistics reported. Over the last 12 months, the all items index increased 2.8% before seasonal adjustment.
Notably, there was a 1% decline in the index for gasoline. Despite the decrease in the gasoline index, the energy index rose 0.2% over the month as the indexes for electricity and natural gas increased. The index for food also increased in February, rising 0.2% as the index for food away from home increased 0.4%. The food at home index was unchanged over the month.
Indexes that increased over the month include used cars and trucks as well as personal care, among others. The index for new vehicles was among the few major indexes that decreased in February.
More specifically for food, the dairy and related products index declined 1% over the month. Driven primarily by a 10.4% increase in the index for eggs, the index for meats, poultry, fish and eggs rose 1.6% in February. The beef index also increased over the month, rising 2.4%. The index for cereals and bakery products rose 0.4% in February, after falling 0.4% in January. The index for full-service meals rose 0.4% over the month, and the index for limited-service meals rose 0.3%.
Americans are seeing welcome relief as inflation eases, according to a White House press release, “with core inflation at its lowest level in nearly four years. …”
The Consumer Price Index for March 2025 is scheduled to be released on Thursday, April 10.
