The Chained Consumer Price Index for All Urban Consumers (C-CPI-U) decreased 2.0 percent in November on a not seasonally adjusted basis. The November level of 122.284 (December 1999=100) was 0.7 percent higher than in November 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 decreased 1.7 percent in November, the second consecutive record decrease. For the 12 month period ending in November the CPI was up 1.1 percent, compared to 5.6 percent for the twelve months ending July of this year. Falling energy prices, particularly gasoline, drove the decline in the overall index. Excluding energy, the index was virtually unchanged.
The energy index fell 17.0 percent in November. The decrease was about twice the October decline and energy prices are now 32.4 percent below the July peak earlier this year. The gasoline index fell 29.5 percent in November and gas prices are now 47.0 percent below their July peak. The natural gas index alsodeclined in November, the fourth consecutive decrease. After seasonal adjustment, the index was down 21.7 percent from July to November.
Food prices increased 0.2 percent November following a 0.3 percent rise in October. Excluding food and energy, the CPI was virtually unchanged in November and is up 2.0 percent since November 2007. Continuing declines in the indexes for new and used motor vehicles, lodging away from home, airline fares and some technology-related commodities offset small increases in a variety of other service and commodity items.
For the first eleven months of 2008, the all items index rose at a seasonally adjusted annualized rate (SAAR) of 0.7 percent after increasing 4.1 percent in all of 2007. The energy index, which rose 17.4 percent during 2007, has declined at a SAAR of 16.0 percent through the first eleven months of 2008. The food index has risen at a 6.5 percent SAAR for the first eleven months of 2008 after increasing 4.9 percent in 2007. Excluding food and energy, the CPI has advanced at a 1.9 percent SAAR so far in 2008 after rising 2.4 percent in 2007.
The food and beverages index rose 0.2 percent in November after increasing 0.3 percent in October. The food at home index was unchanged in November. The index for meat, poultry, fish and eggs turned down in November for the first time since February, falling 0.7 percent as the indexes for beef, fish, and eggs all declined. The fruits and vegetables index also declined for the third month in a row, with the decrease being driven by a decline in the fresh fruits index. These declines were offset by increases in the other grocery store food groups, including a 0.6 percent advance in the other food at home index and a 0.4 percent increase in the index for dairy and related products. Compared to November 2007, the food at home index was up 7.0 percent, with the largest increase in the cereal and bakery products index at 12.0 percent and the smallest increase in dairy and related products at 3.5 percent. The food away from home index rose 0.3 percent in November and the index for alcoholic beverages increased 0.5 percent.
The housing index fell 0.1 percent in November after being virtually unchanged in October. The index for shelter, virtually unchanged in October, rose 0.2 percent in November. Within shelter, the indexes for rent and owners' equivalent rent both rose 0.3 percent, while the index for lodging away from home fell 1.1 percent in November, its second straight significant decline. The index for household energy, down 0.9 percent in October, fell 2.0 percent in November. Both the fuel oil and natural gas indexes posted substantial declines for the fourth consecutive month; the fuel oil index decreased 14.6 percent in November and the natural gas index fell 5.2 percent. The electricity index rose for the second straight month, increasing 0.6 percent in November. The index for household furnishings and operations, virtually unchanged in October, fell 0.2 percent in November.
The transportation index declined 9.8 percent in November after falling 5.4 percent in October as several major components of the index continued to decline. The index for motor fuel fell 29.0 percent in November after decreasing 13.9 percent in October and is 28.6 percent lower than in November 2007. New and used motor vehicles, down 0.7 percent in October, fell 0.9 percent in November. The index for used cars and trucks declined 2.2 percent in November and the new vehicles index fell 0.6 percent and has declined 2.9 percent since November 2007. The index for public transportation, down 3.3 percent in October, fell 2.7 percent in November, with the airline fare index declining 4.0 percent. It was the third consecutive decrease in the airline fare index, but it is still up 4.0 percent since November 2007.
The apparel index turned up in November, rising 0.3 percent after declining 1.0 percent in October. Before seasonal adjustment, apparel prices declined 0.8 percent in November and are virtually unchanged from their November 2007 level.)
The index for medical care rose 0.2 percent in November, the same increase as in October, and was 2.7 percent higher than in November 2007. The medical care commodities index rose 0.6 percent in November following a 0.2 percent increase in October as the index for prescription drugs rose 0.6 percent in November after increasing 0.3 percent in each of the two prior months. The index for medical care services rose 0.1 percent in November after rising 0.2 percent in October. Within medical care services, the physicians' services index rose 0.3 percent after increasing 0.1 percent in October and the index for hospital and related services was virtually unchanged in November after advancing 0.4 percent in October.
After rising 0.1 percent in October, the index for recreation was virtually unchanged in November. The indexes for video and audio and for toys decreased in November while the indexes for pets, pet products and services, for sporting goods, and for admissions all posted increases.
The index for education and communication rose 0.2 percent in November, the same increase as the previous month. The index for education repeated its October increase of 0.4 percent while the communication index rose 0.1 percent after being virtually unchanged in October. Within communication, the telephone services index rose 0.1 percent while the index for information technology, hardware and services declined 0.1 percent.
The other goods and services index was virtually unchanged in November after rising 0.3 percent in October. The indexes for tobacco and smoking products and for personal care were both virtually unchanged in November after posting respective increases of 0.4 percent and 0.2 percent in October.
