The Chained Consumer Price Index for All Urban Consumers (C-CPI-U)increased 0.2 percent in October on a not seasonally adjusted basis. The October level of 120.700 (December 1999=100) was 3.0 percent higher than in October 2006. Please note that the indexes for the post-2005 period are subject to revision.
CPI for All Urban Consumers (CPI-U)
On a seasonally adjusted basis, the CPI-U increased 0.3 percent in October, the same as in September. The index for energy advanced 1.4 percent in October, with the index for petroleum-based energy up 1.5 percent and the index for energy services, 1.3 percent. The food index rose 0.3 percent in October. The index for food at home also rose 0.3 percent and the index for food away from home increased 0.2 percent. The index for all items less food and energy advanced 0.2 percent in October.
During the first ten months of 2007, the CPI-U rose at a 3.6 percent seasonally adjusted annual rate (SAAR). This compares with an increase of 2.5 percent for all of 2006. The index for energy, which increased 2.9 percent in 2006, advanced at a 12.3 percent SAAR in the first ten months of 2007. Petroleum-based energy costs increased at a 20.6 percent annual rate and charges for energy services rose at a 2.7 percent annual rate. The food index has increased at a 5.5 percent rate thus far in 2007, following a 2.1 percent rise for all of 2006. Excluding food and energy, the CPI-U advanced at a 2.3 percent SAAR in the first ten months of 2007 after increasing 2.6 percent in 2006.
The food and beverages index rose 0.3 percent in October. The index for food at home, which rose 0.5 percent in September, increased 0.3 percent in October. The smaller advance reflects a downturn in egg prices and deceleration in the indexes for milk and for fruits and vegetables. The index for fruits and vegetables increased 0.7 percent in October, following a 1.8 percent rise in September. The index for fresh vegetables increased 2.3 percent while the index for fresh fruits declined 0.4 percent. (Prior to seasonal adjustment, fresh fruit prices rose 1.0 percent.) The index for processed fruits and vegetables increased 0.1 percent. The index for dairy products increased 0.2 percent in October and has advanced 13.3 percent in the first ten months of 2007. Milk prices were virtually unchanged in October, but have risen 19.3 percent since the beginning of the year. The index for meats, poultry, fish, and eggs increased 0.2 percent in October. Beef and poultry prices each fell 0.7 percent, while prices for pork, for other meats, and for fish and seafood each turned up in October after registering declines in September. The index for eggs fell 1.3 percent in October, but have increased 42.2 percent during the last 12 months. The index for cereal and bakery products increased 0.4 percent, the same as in each of the two preceding months. The indexes for nonalcoholic beverages and for other food at home rose 0.1 and 0.3 percent, respectively. The other two components of the food and beverages index-food away from home and alcoholic beverages- increased 0.2 and 0.3 percent, respectively.
The index for housing increased 0.2 percent in October. The index for shelter rose 0.1 percent after increasing 0.3 percent in September. Within shelter, the indexes for rent and for owners' equivalent rent increased 0.5 and 0.2 percent, respectively, while the index for lodging away from home decreased 1.5 percent. The index for household energy, which rose 0.1 percent in September, increased 1.4 percent in October. Each of the three major household fuels showed acceleration: The index for natural gas, which declined 1.0 percent in September, increased 0.7 percent in October. The indexes for fuel oil and for electricity, which rose 0.9 and 0.5 percent, respectively in September, advanced 2.3 and 1.5 percent in October. (Prior to seasonal adjustment, charges for electricity declined 3.9 percent, reflecting the switch to winter rates in some areas.). The index for household furnishings and operations decreased for the fourth consecutive month-down 0.1 percent in October.
The transportation index increased 0.4 percent in October. The index for gasoline rose 1.4 percent, accounting for over 90 percent of the
overall transportation increase. (Prior to seasonal adjustment, gasoline prices fell 0.1 percent and were10.2 percent lower than their peak level recorded in May. The index for new vehicles declined 0.2 percent in October. (As of October, about 30 percent of the new car sample consisted of 2008 models. The 2008 models will continue to be phased in, with adjustments for quality change, over the next several months as they replace old models at dealerships.) The index for used cars and trucks declined 0.1 percent. During the last 12 months, new vehicle prices have declined 1.1 percent and prices for used cars and trucks, 1.7 percent. The index for public transportation increased 1.2 percent in October, reflecting a 1.6 percent increase in the index for airline fares.
The index for apparel, which increased 0.3 percent in September, was virtually unchanged in October. (Prior to seasonal adjustment, apparel
prices advanced 1.9 percent in October, reflecting the continued introduction of fall-winter wear.)
Medical care costs, which rose 0.3 percent in September, increased 0.6 percent in October. The index for medical care commodities-prescription drugs, nonprescription drugs, and medical supplies-rose 0.3 percent. The index for medical care services rose 0.6 percent. The indexes for professional services and for hospital and related services advanced 0.4 and 1.1 percent, respectively, following increases of 0.2 and 0.8 percent in September.
The index for recreation rose 0.3 percent in October, the same as in September. Increases in the indexes for admissions to movies, theaters, concerts and sporting events and for cable and satellite television-up 1.1 and 0.6 percent, respectively-accounted for over four-fifths of the overall recreation advance.
The index for education and communication increased 0.4 percent in October. The index for education rose 0.7 percent, reflecting an increase of 0.8 percent in the index for tuition. College tuition costs rose 1.1 percent in October and were 6.1 higher than a year ago. The index for communication was virtually unchanged in October. Within this group, the index for telephone services rose 0.2 percent, reflecting a 0.5 percent increase in the index for land-line local charges. The indexes for personal computers and peripheral equipment declined 1.4 percent and the indexes for computer software and accessories and for internet services and electronic information providers decreased 0.2 and 0.6 percent, respectively.
The index for other goods and services increased 0.2 percent in October. The two major sub-indexes- tobacco and smoking products and personal care-each rose 0.2 percent. During the last 12 months, prices for tobacco and smoking products have increased 7.6 percent and prices for personal care have risen 2.5 percent.
CPI for Urban Wage Earners and Clerical Workers (CPI-W)
On a seasonally adjusted basis, the CPI for Urban Wage Earners and Clerical Workers increased 0.3 percent in October.
