By Nick Dobbins
March 2022
The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.8% in February on a seasonally adjusted basis after rising 0.6% in January, the U.S. Bureau of Labor Statistics reported. Increases in the indices for gasoline, shelter, and food were the largest contributors to the seasonally adjusted all items increase. The gasoline index rose 6.6% and accounted for almost a third of the all items monthly increase; other energy component indices were mixed. The food index rose 1.0% as the food at home index rose 1.4%; both were the largest monthly increases since April 2020. The index for all items less food and energy rose 0.5% in February following a 0.6% increase the prior month. The shelter index was by far the biggest factor in the increase, with a broad set of indices 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% 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%, the largest 12-month change since the period ending August 1982. The energy index rose 25.6% over the last year, and the food index increased 7.9%, the largest 12-month increase since the period ending July 1981.
