The Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) increased 0.9 percent in March, prior to seasonal adjustment. The March level of 209.147 (1982-84=100) was 4.3 percent higher than in March 2007.
The Chained Consumer Price Index for All Urban Consumers (C-CPI-U) increased 0.8 percent in March on a not seasonally adjusted basis. The
March level of 123.204 (December 1999=100) was 3.6 percent higher than in March 2007. Please note that the indexes for the post-2006 period are subject to revision.
CPI for All Urban Consumers (CPI-U)
On a seasonally adjusted basis, the CPI-U advanced 0.3 percent in March, following virtually no change in February. The energy index increased 1.9 percent in March after declining 0.5 percent in February. Within energy, the index for petroleum based energy increased 2.0 percent and the index for energy services rose 1.9 percent. The food index, which rose 0.4 percent in February, increased 0.2 percent in March. The index for food at home also rose 0.2 percent. The index for all items less food and energy rose 0.2 percent in March, following virtually no change in February. A larger increase in the index for household furnishings and operations and an upturn in the index for airline fares more than offset a larger decline in the apparel index.
For the first three months of 2008, consumer prices increased at a seasonally adjusted annual rate (SAAR) of 3.1 percent. This compares with an increase of 4.1 percent for all of 2007. The index for energy, which rose 17.4 percent in 2007, advanced at a 8.6 percent SAAR in the first quarter of 2008. Petroleum-based energy costs increased at a 5.6 percent annual rate and charges for energy services rose at a 12.8 percent annual rate. The food index rose at a 5.3 percent SAAR in the first quarter of 2008, following a 4.9 percent increase in all of 2007. The index for grocery store food prices increased at a 5.9 percent annual rate, reflecting increases in each of the six major groups ranging from annual rates of 0.7 percent in the index for dairy products to 15.7 percent in the index for cereal and bakery products.
Excluding food and energy, the CPI-U advanced at a 2.0 percent SAAR in the first quarter, following a 2.4 percent rise in all of 2007. The moderation thus far in 2008 largely reflects smaller increases in the indexes for shelter - up at a 2.0 percent rate after advancing 3.1 percent in all of 2007 - and medical care, coupled with a larger decline in the index for apparel.
The food and beverages index rose 0.2 percent in March. The index for grocery store food also increased 0.2 percent. Another large increase in the index for cereal and bakery products was partially offset by a downturn in the index for dairy products; the other four major grocery store food groups registered small increases. The index for cereal and bakery products, which increased 1.8 percent in February, rose 1.3 percent in March. Prices for bread increased 2.1 percent in March and were 14.7 percent higher than a year earlier. The index for dairy products declined 0.8 percent in March, as milk prices fell 2.2 percent. Despite the drop in March, milk prices were still 13.3 percent higher than in March 2007. The index for fruits and vegetables rose 0.1 percent. A 2.0 percent increase in the index for fresh vegetables more than offset declines in the indexes for fresh fruits and for processed fruits and vegetables-down 1.1 and 0.9 percent, respectively. The index for meats, poultry, fish, and eggs was virtually unchanged in March. Increases in prices for beef, for poultry, and for other meats were offset by declines in prices for pork and for fish and seafood. The indexes for nonalcoholic beverages and for other food at home increased 0.3 and 0.1 percent, respectively. The other two components of the food and beverages index-food away from home and alcoholic beverages-increased 0.3 and declined 0.1 percent, respectively.
The index for housing, which rose 0.2 percent in February, increased 0.4 percent in March. Each of the three major groups contributed to the larger advance. The index for shelter increased 0.1 percent in March after registering virtually no change in February. Within shelter, the indexes for rent and owners' equivalent rent each increased 0.2 percent, while the index for lodging away from home fell 0.6 percent. The index for fuels and utilities increased 2.0 percent, following a 1.3 percent rise in February. Upturns in the indexes for electricity and for fuel oil more than offset a smaller increase in charges for natural gas. The index for natural gas, which rose 7.2 percent in February, increased 4.6 percent in March. The index for fuel oil increased 10.1 percent in March and is 48.4 percent higher than in March 2007. The index for electricity rose 0.8 percent. The index for household furnishings and operations, which was virtually unchanged in February, increased 0.5 percent in March. About two-thirds of the advance reflects a 1.7 percent increase in prices for furniture and bedding.
The transportation index increased 0.7 percent in March after declining 0.7 percent in February, reflecting the upturn in gasoline prices. The index for motor fuels, which declined 2.0 percent in February, advanced 1.6 percent in March and accounted for almost three- fourths of the transportation increase in March. As of March, the price of gasoline was 4.4 percent higher than its previous peak level recorded in May 2007. The index for new vehicles declined 0.1 percent in March and was 1.1 percent lower than in March 2007. The index for used cars and trucks was virtually unchanged in March. The index for public transportation advanced 2.5 percent in March, reflecting increases in airline fares and intercity train fares. Airline fares increased 3.0 percent in March and have risen 10.2 percent in the last 12 months.
The index for apparel fell 1.3 percent in March, following a 0.3 percent decrease in February.
Medical care costs rose 0.1 percent in March and are 4.6 percent higher than a year ago. The index for medical care commodities- prescription drugs, nonprescription drugs, and medical supplies-increased 0.4 percent. The index for medical care services rose 0.1 percent in March. The indexes for professional services and for hospital and related services increased 0.1 and 0.2 percent, respectively.
The index for recreation, which rose 0.1 percent in February, advanced 0.3 percent in March. Increases in the indexes for pets, pet products and services and for admissions to sporting events-each up 1.1- and for cable and satellite television and radio service-up 0.6 percent-largely accounted for the March advance.
The index for education and communication rose 0.3 percent in March. Educational costs increased 0.4 percent and communication costs rose 0.1 percent. Within the latter category, increases in charges for telephone services more than offset a decline in the index for information technology, hardware and services. Local-and long distance-land-line telephone charges rose 0.5 and 0.2 percent, respectively, while charges for wireless telephone services were unchanged. The index for information technology, hardware and services declined 0.1 percent, reflecting decreases in the indexes for personal computers and peripheral equipment, for computer software and accessories, and for internet services.
The index for other goods and services rose 0.4 percent in March.The index for personal care rose 0.6 percent, reflecting increases in the indexes for haircuts, tax return preparation, and miscellaneous personal goods. These increases were partially offset by a 0.1 percent decline in the index for tobacco and smoking products.
CPI for Urban Wage Earners and Clerical Workers (CPI-W)
On a seasonally adjusted basis, the CPI for Urban Wage Earners and Clerical Workers rose 0.4 percent in March.
